Cryptocurrency

Pomp tells CNBC that there is no need to apologize for Bitcoin’s energy use

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Bitcoin influencer and podcaster Anthony “Pomp” Pompliano stated that there is no need to “apologize” for Bitcoin’s energy use because “the vital things in the world use energy”.

He made the above comments in an interview with CNBC morning news and talk show “Squawk Box” on December 27, in collaboration with Joe Kernen.

In the interview, he claimed that many people missed “key points” in the “climate argument” for the Bitcoin (BTC) ecosystem, especially in comparison with fiat currencies such as the U.S. dollar:

“There is a linear relationship between energy consumption and the dollar system. In order to support more users and more transactions, we need to consume more energy, more data centers, more bank branches, and more ATMs.”

He added, “The Bitcoin blockchain does not have this linear relationship with energy consumption. This is because the energy consumed by each block is the same regardless of the number of transactions in each block. With the scale of Bitcoin Expand, it will become more efficient because you will be able to add more economic value to each of these blocks.”

Bitcoin uses 8 times more energy than Google and Facebook

The interview is aired on the same day as the new release Research From Trading Platforms, it found that the energy consumption of the Bitcoin (BTC) ecosystem is eight times that of Google and Facebook combined.

According to the report, “the concern is the amount of electricity consumed by such a small sector.” According to the Cambridge Bitcoin Electricity Consumption index, The BTC ecosystem consumes 125.04 terawatts per hour per year—similar to the energy use of small ae countries such as Chile or the Philippines.

The controversy surrounding BTC energy consumption is far from new, and it is unlikely to be resolved soon.As Cointelegraph previously reported, New York Digital Investment Group estimates that by 2030, BTC mining will account for 0.9% of global carbon emissions.

related: Green Bitcoin: The impact and importance of energy usage on PoW

Since Pomp was interviewed by CNBC, he has been a busy man. On December 29th, he was Be interviewed Three-year-old Lili Knight talked about Bitcoin in the “Lily Show”.