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A report by ValueChain highlights that Bitcoin is 56 times less energy intensive than the traditional banking system.
Beyond the buzz, we can wonder about the author's objective since this statement is to be put into perspective for two reasons:
- An "extensive" view of the banking ecosystem (employees and their transportation to work) was included in the calculation, while the equivalent was not included in the calculation of Bitcoin's energy consumption,
- If we relate the energy consumption to the number of transactions, the report shows that Bitcoin is 400 times more energy consuming than the traditional system.
Bitcoin is therefore not a competitive system from an energy point of view, contrary to what the report wishes to emphasize.
However, there are ways to improve the situation, such as the possibility for Bitcoin to migrate to another type of consensus such as Proof of Stake (PoS) which is less energy consuming. The Ethereum blockchain has recently migrated from PoW to PoS to increase transactional capacity and reduce energy consumption.
First sign of "maturity", a report by ChainAnalysis quantifies the fraud on the various crypto-assets and in particular for their use in payment transactions. We will retain the figure of 0.15% of illicit transactions in the volume of exchange of crypto-assets.
This figure seems "reasonable" when compared to the card fraud rate of 0.135% for remote card payments.
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