Analysis: BTC's PoW consensus model will only reduce costs, and its energy consumption will improve over time.

According to Be In Crypto, Carlos Domingo, an analyst at data analysis firm Coin Metrics, said that given that Bitcoin currently uses about 40 to 50 TW per year, it is clear that the global banking system consumes far more energy. It is also important to note that unlike most banking industries, most of Bitcoin's energy consumption is renewable. Coincidentally, 1.75 × 10 ^ 17 joules (assuming S9 miners) used for 10 years of bitcoin mining is equivalent to 1 second of solar energy on Earth today. Bitcoin's Work Proof (PoW) consensus model only reduces costs, because technological innovations make algorithmic cracking the most energy efficient, so Bitcoin's energy consumption problems will only improve over time.