According to a new report published by the International Monetary Fund, Bitcoin, the world’s largest cryptocurrency, consumes a million times more energy than credit cards. Its calculations are based on academic and private-sector publications.
Bitcoin (BTC) Hits Crucial Price Level: Details, Here's Why Shiba Inu (SHIB) Is Moving Like Snail, Solana (SOL) Pushes to $300 as Billions in Volume Flow In
Legendary Trader Bollinger Issues Major Ethereum "Warning"
Satoshi Nakamoto's Historic Bitcoin Forum Journey Started 15 Years Ago
Binance Issues Important Alert to Crypto Community, Here's Why
The report, which was panned by Xavier Lavayssièr, Germán Villegas Bauer, and Itai Agur, shows also that central bank digital currencies (CBDCs) and some private cryptocurrencies are actually more efficient than traditional payment systems.
As of today, credit and debit cards account for the vast majority of all cashless transactions.
Alex DovbnyaEthereum, the second-largest blockchain, is expected to transition to proof-of-stake later this year, which will reduce its energy consumption by a whopping 99.95%.
The IMF researchers conclude that power usage should be also one of the considerations in debates about the future of money.
Arman Shirinyan
Dan Burgin
U.Today Editorial Team
Vladislav Sopov