Bitcoin Energy Efficiency compared to banking & payment industries
11-16, 13:05–13:25 (America/El_Salvador), Bitfinex Stage
Language: English

Many recent studies evaluated and criticised Bitcoin’s energy consumption through its Proof of Work (PoW) consensus mechanism without evaluating its efficiency compared to the classical electronic payment system. Based on physics, information science and economics, we compute and compare the energy consumption and define what is the energy efficiency of both the current monetary payment system and Bitcoin.

Energy Efficiency of Bitcoin

Michel Khazzaka

More than 15 years of experience worldwide (EU, US, Australia, & Asia). Leader of several innovative offerings (blockchain, monétique, payments, cybersecurity, and GDPR). More than 32 completed client projects, a key speaker in more than 15 conferences and more than 12 publications.


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See also: Bitcoin vs Banking Energy Efficiency (3.9 MB)

Michel is the founder of Valuechain, a consulting startup specialized in payments and cryptopayments consulting. He recently published a paper analyzing the energy efficiency of bitcoin payments and comparing them to payments with the traditional financial system.