Galaxy Digital report: The energy consumed by the banking system is more than twice that of Bitcoin

Galaxy Digital published a report titled "On Bitcoin's Energy Consumption: A Quantitative Approach to Subjective Issues" last week. The description said, "This report uses a quantitative method to compare the energy consumption of Bitcoin with the energy consumption of other industries." The report compares the energy consumption of the banking system, gold, and Bitcoin. According to the report, the Bitcoin network consumes an estimated total of 113.89 TWh/year. The estimate includes miner demand, miner power consumption, pool power consumption, and node power consumption. The report estimates that the gold industry uses approximately 240.61 TWh per year, and the banking system uses 263.72 TWh of energy per year. The energy consumed by the banking system is more than twice that of Bitcoin.