Bitcoin influencer and podcaster Anthony 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. Recently bitcoin mining industry has received a lot of flack from regulators and other industries for its massive energy use.
“There is a linear relationship between energy consumption and the dollar system.”
During the interview, Anthony Pompliano 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,” Pomp said. Anthony has been a vocal bitcoin supporter for a long time.
“Bitcoin blockchain does not have a linear relationship with energy consumption.”
“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,” Anthony said during the interview. Earlier, new research from Trading Platforms found that the energy consumption of the Bitcoin (BTC) ecosystem is eight times the amount of both Google and Facebook combined. The report noted that “fears lie in the amount of electricity that such a small sector consumes.”