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The banking industry uses 56 times more energy than bitcoin The banking industry uses 56 times more energy than bitcoin

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The banking industry uses 56 times more energy than bitcoin mining

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The latest data on Bitcoin’s power consumption, efficiency and scalability compared to the banking sector puts the world’s largest cryptocurrency in a new light.

A research report published by Michel Khazzaka, an IT engineer, cryptographer and consultant, calculated that Bitcoin payments are “a million times more efficient” than the outdated “traditional” financial system. In addition, the banking sector “uses 56 times more energy than Bitcoin.”

The banking industry uses 56 times more energy than bitcoin mining

The report brings together nearly four years of research and proposes a new calculation to estimate Bitcoin’s Proof-of-Work power consumption. In an interview, Hazzaka told Cointelegraph:

“Bitcoin Lightning and Bitcoin in general are really great and very effective technological solutions that deserve to be adopted on a large scale. This invention is ingenious enough, efficient and powerful enough to be widely adopted.”

Hazzaka, who founded payment consultancy Valuechain in late 2021, offers an alternative to the energy estimates provided by the Cambridge Bitcoin Electricity Consumption Index (CBECI). The index, often cited by various publications, estimates that Bitcoin consumes approximately 122 TWh per year.

Taking into account the average lifetime of cryptocurrency mining machines, as well as the rate at which new IT materials are created, Hazzaka suggests that Bitcoin consumes 88.95 TWh per year, well below the Cambridge estimate.

The banking industry uses 56 times more energy than bitcoin mining

A payments specialist who wrote a dissertation on cryptocurrencies in 2003 and introduced Bitcoin to the general public in 2011, Hazzaka is also studying the banking sector under a microscope to effectively compare the two monetary systems. Hazzaka opined that he “really underestimates every aspect of the banking sector” and, contrary to critics, his report is “biased towards the banking system”.

However, taking into account the creation of money, the transport of money, the consumption of energy by the physical banking infrastructure, etc., he comes up with a figure of 4,981 TWh. A total of 5,000 TWh is consumed by the “classic payments” sector each year. Therefore, banking uses 56 times more energy than Bitcoin.

The report looks at transaction efficiency, which shows that “today, at the current block size and assuming blocks are filled to their maximum capacity, ηmax = 5.7 times better than in the classical system.” However, this does not include the Lightning Network. In an interview, Hazzaka explained:

“Lightning will allow the Bitcoin protocol to perform more transactions without consuming more power. And that’s magic.”

The report concludes that the combination of Bitcoin and the Lightning Network allows Bitcoin to become “194 million” times more energy efficient than a classical payment system.

The Hazzaki report also states that “the banking and payments industry should adopt blockchain and possibly even Bitcoin.” While Hazzaka’s withdrawal may come as a surprise to decentralization and freedom advocates in the crypto community, Hazzaka believes that Bitcoin can actually benefit banking:

“If they [приверженцы «классической» финансовой системы] will be brave enough to implement blockchain technologies in their systems, this will increase their efficiency and scalability.”

Although bitcoin’s power consumption is often criticized, the results of a deeper investigation of the banking sector (if it happens) will come as a surprise.

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23 carat gold and Riesling wine. Xiaomi 12S advertising campaign is gaining momentum

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23 carat gold and Riesling wine Xiaomi 12S advertising campaign

Xiaomi CEO Lei Jun said that the rim of the Xiaomi 12S camera block uses 23-carat gold coating.

23 carat gold and Riesling wine.  Xiaomi 12S advertising campaign is gaining momentum

The last time Xiaomi used gold plating on their smartphone was Xiaomi Mi Mix 2. The camera unit was covered with 18K gold. Theoretically, 24K is pure gold, that is, the proportion of gold in 23-carat gold is 23/24 or 95.8%.

In addition, media representatives have already received an invitation to the presentation of the Xiaomi 12S line, which included a bottle of white wine Riesling from Leica’s hometown.

23 carat gold and Riesling wine.  Xiaomi 12S advertising campaign is gaining momentum

Earlier, Xiaomi announced the presentation of Xiaomi 12S, 12S Pro and 12S Ultra, which is scheduled for July 4th. Leaders Xiaomi and Redmi have already switched to new phones.

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The first realistic image of Huawei Mate 50

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The first realistic image of Huawei Mate 50

Huawei is hard at work on the new flagships of the Mate 50 series – according to the latest data, the devices have already been finalized and sent for lengthy tests, and the official premiere will take place on September 12. Now the first realistic image of a smartphone has appeared on the Web – the manufacturer of cases has tried.

The first realistic image of Huawei Mate 50

Manufacturers of accessories often leak the design of new products long before they are announced, and this is how it happened now. The screen, most likely, will look “like everyone else” – with a front camera embedded in the center, but four modules are located in the back in a large round block (but image sensors and lenses are in only three of them). The design is to some extent familiar to Huawei, but, of course, this is not a donut camera in the Mate 40. To some extent, the Mate 50’s camera performance is even close to the Xiaomi 12S Ultra.

The first realistic image of Huawei Mate 50

These images were published by an insider known as Digital Chat Station. Previously, he was the first to accurately announce the characteristics and release dates of Redmi K30, K40, Xiaomi Mi 10 and Mi 11. The informant confirmed that the production model really looks almost the same.

Little is known about the specifications of the Huawei Mate 50. It is reported that SoC Kirin 9000s will form the basis of its hardware platform, but what kind of platform it is and how it will differ from the usual Kirin 9000 is not clear.

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Tesla workers cannot return to offices, as Elon Musk ordered. There are not enough slots and parking spaces, and the Wi-Fi signal is very weak

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Tesla workers cannot return to offices as Elon Musk ordered

In early June, Tesla CEO Elon Musk ordered remote employees to return to their offices, and they obeyed. Only, as it turned out, Tesla itself was not ready for this. At least – her facility in Fremont (California). Workers faced a shortage of tables, parking spaces and even Wi-Fi!

Tesla workers cannot return to offices, as Elon Musk ordered.  There are not enough slots and parking spaces, and the Wi-Fi signal is very weak

During the pandemic (more precisely, since 2019), the number of Tesla employees has doubled to 99,210 people. And although Musk himself has already recognized hiring as redundant and announced the dismissal of 10% of the staff, the problem of shortage of space in offices will still have to be dealt with somehow.

The lack of parking spaces is what was waiting for Tesla workers outside, but there were simply no empty spaces inside. Tesla has reportedly repurposed some of the space during the pandemic, and of course, this did not take into account the return of the overgrown staff back to the office. It is noted that the shortage of tables was so great that managers still asked some employees to work from home. And those who had enough tables and space complained about a weak Wi-Fi signal.

All in all, Musk’s plan to get employees back in the office was not without flaws.

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