Bitcoin is a decentralized, virtual currency that doesn’t rely on banks or government approval. As such, it can be seen as more of an ideology than a traditional payment method. That said, its energy use has been criticized in the past by environmentalists and Bitcoin developers alike. However, when asked by CNBC if he felt any pressure to apologize for this feature of Bitcoin’s design Pomp replied with “No.”
“Ethereum is increasing” is a question that has been asked many times in the past. The “Pomp tells CNBC there’s no need to apologize for Bitcoin’s energy use.” Read more in detail here: why is ethereum increasing.
Anthony “Pomp” Pompliano, a Bitcoin advocate and podcaster, said that there is no need to “apologize” for Bitcoin’s energy use since “critical things in the world consume electricity.”
He made the remarks in a Dec. 27 interview with Joe Kernen on CNBC’s morning news and chat show “Squawk Box.”
During the interview, he argued that many people are overlooking “important issues” in the “climate argument” against the Bitcoin (BTC) ecosystem, particularly when comparing it to fiat currencies such as the US dollar:
“There is a straight link between energy consumption and the dollar system; we need to use more electricity, more data centers, more bank branches, and more ATMs to service more customers and transactions.”
“Bitcoin blockchain does not have this same linear connection with energy usage,” he said, “since regardless of the number of transactions per block, each block consumes the same amount of energy.” Bitcoin will become more efficient as it grows since each of these blocks will have more economic value added to it.”
“Because you can put more economic value into each of those blocks as it grows, #bitcoin becomes more efficient. As you grow in the legacy system, you’ll require more energy… we shouldn’t apologize for using energy.” The utilization of #btc energy by @APompliano. pic.twitter.com/gFSMFz3ApU
— December 27, 2021, Squawk Box (@SquawkCNBC)
Bitcoin consumes eight times the amount of electricity that Google and Facebook do.
The interview aired on the same day that Trading Platforms released fresh data claiming that the Bitcoin (BTC) ecosystem consumes eight times the amount of energy as Google and Facebook combined.
“Fears lay in the quantity of power that such a tiny industry uses,” the research noted. The BTC ecosystem uses 125.04 terrawatts per hour yearly, according to the Cambridge Bitcoin Electricity Consumption Index, which is comparable to the energy consumption of a small nation like Chile or the Philippines.
The debate concerning BTC’s energy use is nothing new, and it is unlikely to be resolved very soon. According to the New York Digital Investment Group, BTC mining will account for 0.9 percent of global carbon emissions by 2030, as previously reported by Cointelegraph.
Green Bitcoin: The Importance and Impact of Energy Use in PoW
Pomp has been quite busy since his appearance with CNBC. On “The Lily Show,” he was asked about BTC by three-year-old Lily Knight.
This was by far my favorite interview of the year. https://t.co/Hx1j28HFqh
December 28, 2021 — Pomp (@APompliano)
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The “what caused the spike in cryptocurrency” is a question that many people have been asking. Pomp, who was interviewed on CNBC’s “Squawk Box”, told the show there’s no need to apologize for Bitcoin’s energy use.
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