Why banking uses 56x more energy than Bitcoin | Crypto Stories Ep. 17
Channel: Cointelegraph
Date: 2022-11-06

Analysis of Bitcoin’s proof-of-work and the Lightning Network exposes the banking system as energy-hungry, demonstrating that Bitcoin is better for the planet. A research report published by Michel Khazzaka, an IT engineer, cryptographer, and consultant, calculates that Bitcoin payments are a "million times more efficient" than the legacy financial system. Plus, the banking sector “uses 56 times more energy than Bitcoin.” The report compiles almost four years of research and suggests a new calculation for estimating Bitcoin's proof-of-work energy consumption. 

link to the research paper https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4125499

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