Investor Vladimir Jelevic of the Panda Analytics estimated that the bitcoin miners annually consume about 4,344 MWh ($4.3 billion), and gold mining industries — 92 million barrels of oil in the form of diesel fuel ($6 billion).

Good to see this piece generating a lot of debate. Bitcoin uses a lot of energy, but not nearly as much as physical gold mining by @VladimirVjel cc @nathanielpopper @NeerajKA @galka_max

— LongHash (@longhashdata) 14 Sep 2018.

Given that global oil consumption amounts to 34 billion barrels per year, the mining industry consumes 0.27% of this volume. Extraction of bitcoin every year takes only 0,07% of the world consumption of electricity.

Yeleusiz also convinced that the comparison of energy consumption of bitcoin, and countries such as Ecuador, makes no sense, since the first cryptocurrency has nothing to do with the characteristics of the States. In this context, in his opinion, it is advisable to compare digital gold and gold.

According to the report of Barrick Gold Corporation from last year, mining an ounce of gold cost around $794. Each year, on average produces about 88 billion ounces, which leads to the figure of $70 billion.

Nevertheless, Barrick in the development of some of the budget deposits in the world. If we assume that the cost of the world on average 25% higher global production costs amount to $87.3 billion, which is 20 times more than similar indicators of bitcoin.

Earlier, Professor, Qatar University John Trabi called for the establishment of ecological consensus algorithms to minimize carbon emissions from the miners.

Subscribe to SIRIUS news channel CRYPTO Telegram!