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Is Bitcoin Energy Usage A Myth? Mike Novogratz Says BTC Uses ‘Less Than Christmas Lights’ | Benzinga

Bitcoin (CRYPTO: BTC) has lengthy been criticized for its vitality consumption. The seemingly unending debate was on the forefront of cryptocurrency discussions for a big half of 2021.

Galaxy Digital Holdings Ltd (OTC:BRPHF) CEO Mike Novogratz aimed to place an finish to that debate Thursday when he referred to as Bitcoin’s vitality utilization drawback a fantasy.

“It’s simply not true. Bitcoin makes use of 0.12% of whole vitality utilization. That’s lower than Christmas lights,” Novogratz mentioned on CNBC’s “Squawk Box.”

The root of the issue is that those that oppose Bitcoin have argued that Bitcoin makes use of as a lot vitality as all of Denmark, he mentioned, however Denmark has a low inhabitants that does not use a lot vitality, in keeping with Novogratz.

Denmark is the one hundred and fifteenth largest nation with a inhabitants of round 5.8 million, representing about 0.70% of the world’s inhabitants, in keeping with World Population Review.

See Also: Why Jack Dorsey Says Bitcoin Will Replace The Dollar, Ethereum Is No Good

Albeit, Bitcoin does use quite a lot of electrical energy, however Novogratz mentioned increasingly more miners are transitioning to inexperienced vitality. Eighty p.c of Galaxy Digital’s Bitcoin mining is inexperienced and he expects it to achieve 100% in a few yr.

“This is a narrative that our business has to fight as a result of it turned variety of dangerous information and now it appears to be taking us again. It’s simply not true,” he emphasised.

Novogratz additionally argued that Bitcoin’s electrical energy utilization and the complication of the way it’s saved “provides individuals religion that it is actually protected.”

“If you’ll retailer $2 trillion or $10 trillion of worth, you need it in one thing that is protected,” he mentioned.

$BTC Price Action: At publication time, Bitcoin was down 0.49% at $48,556 over a 24-hour interval.

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