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

The Bitcoin podcaster and influencer said, “We shouldn’t apologize for Bitcoin’s energy usage — crucial things in the world use energy.”

5448 Total views

33 Total shares

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

Bitcoin (BTC) influencer and podcaster Anthony “Pomp” Pompliano said that there is no need to “apologize” for Bitcoin’s energy use, because “crucial things in the world use energy.”

He made the comments in a Monday interview on CNBC’s morning news and talk program Squawk Box with Joe Kernen.

During the interview, he claimed that many people are missing “key points” in the “climate argument” against the Bitcoin ecosystem, especially in terms of comparisons with fiat currencies like the U.S. dollar:

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

He added that the “Bitcoin blockchain does not have this same linear relationship with energy consumption; that is because regardless of the number of transactions per block, there is the same energy consumed by each block. As Bitcoin scales, it will become more efficient because you will be able to add more economic value to each of these blocks.”

“As it scales, #bitcoin because more and more efficient because you can pack more economic value into each one of those blocks. In the legacy system as you scale you need to consume more energy … we shouldn’t apologize for the use of energy,” @APompliano on #btc energy use. pic.twitter.com/gFSMFz3ApU

— Squawk Box (@SquawkCNBC) December 27, 2021

Bitcoin uses 8x the energy of Google and Facebook

The interview aired on the same day as the release of new research from Trading Platforms, which found that the energy consumption of the Bitcoin ecosystem is eight times the amount of both Google and Facebook combined.

The report stated that “fears lie in the amount of electricity that such a small sector consumes.” According to the Cambridge Bitcoin Electricity Consumption Index, the Bitcoin ecosystem consumes 125.04 terawatts per hour annually — similar to the energy use of a small country such as Chile or the Philippines.

The controversy surrounding Bitcoin’s energy consumption is far from new and is unlikely to resolve itself any time soon. As previously reported by Cointelegraph, the New York Digital Investment Group estimates that BTC mining will represent 0.9% of global carbon emissions by 2030.

Related: Green Bitcoin: The impact and importance of energy use for PoW

Since Pomp’s interview with CNBC, he’s been a busy man. On Wednesday, he was interviewed about BTC by three-year-old Lily Knight on “The Lily Show.”

This was my favorite interview that I did all year. https://t.co/Hx1j28HFqh

— Pomp (@APompliano) December 28, 2021

Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here

Related Posts
Bogotá's POT will be issued by decree: this is how the sectors react thumbnail

Bogotá's POT will be issued by decree: this is how the sectors react

La alcaldesa Claudia López. Archivo particular POR: diciembre 29 de 2021 - 01:23 p. m. 2021-12-29 2021-12-29 La alcaldesa de Bogotá, Claudia López, determinó expedir por decreto el Plan de Ordenamiento Territorial, el cual marca la hoja de ruta de la ciudad para los próximos años, y ya lo firmó. (POT de Bogotá, un lunar en la…
Read More
Ozzy Osbourne Forays into the NFT Space With ‘Cryptobatz’ thumbnail

Ozzy Osbourne Forays into the NFT Space With ‘Cryptobatz’

Ozzy Osbourne has announced entering the crypto industry with the launch of his very own NFT collection – Cryptobatz. He is paying tribute to one of the most iconic (or bizarre as some may say) moments in music history. With the NFT debut, the former Black Sabbath singer now joins a long list of proponents…
Read More
Coca-Cola'dan sürdürülebilirlik endeksli tahvil ihracı thumbnail

Coca-Cola’dan sürdürülebilirlik endeksli tahvil ihracı

Coca-Cola İçecek, sürdürülebilirlik odaklı faaliyet çerçevesini fonlama stratejisiyle birleştirerek ülkenin yurtdışı pazarlara borçlanma oranı referansına göre düşük maliyetle tahvil ihraç etti. Şirketin, 500 milyon dolarla Türkiye’nin bugüne kadarki en büyük sürdürülebilirlik endeksli tahvil ihracını gerçekleştirdiği açıklandı. Sürdürülebilirlik hedeflerini faaliyetlerinin merkezine koyan Coca-Cola İçecek (CCI), Avrupa, Orta Doğu ve Afrika (EMEA) bölgesindeki içecek endüstrisinin ilk sürdürülebilirlik…
Read More
Index Of News
Consider making some contribution to keep us going. We are donation based team who works to bring the best content to the readers. Every donation matters.
Donate Now

Subscription Form

Liking our Index Of News so far? Would you like to subscribe to receive news updates daily?

Total
0
Share