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

Bitcoin
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
Dec
27
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
(BTC)
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
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.”

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
(BTC)
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
BTC
ecosystem
consumes
125.04
terrawatts
per
hour
annually

similar
to
the
energy
use
of
a
e
small
country
such
as
Chile
or
the
Philippines.

The
controversy
surrounding
BTC’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
Dec
29,
he
was

interviewed

about
BTC
by
three-year
old
Lily
Knight
on
“The
Lily
Show.”

read original article here