Traditional banks consume more than three times more energy than bitcoin , according to Katrina Kelly - Pitou , a clean energy technology researcher at the University of Pittsburgh . Images courtesy of Shutterstock Bitcoin mining is known for using a lot of energy , but Kelly - Pitou said that discussions about its environmental impact needed to focus on who is producing it and where the energy comes from . She also noted that banking uses an estimated 100 TW of power a year . If the financial technology market matures by over 100 times its current size , it will still only account for 2 % of all energy consumption , she added .
Traditional banks consume more than three times more energy than bitcoin , according to Katrina Kelly - Pitou , a clean energy technology researcher at the University of Pittsburgh . Bitcoin mining is known for using a lot of energy , but Kelly - Pitou said that discussions about its environmental impact needed to focus on who is producing it and where the energy comes from . She also noted that banking uses an estimated 100 TW of power a year . If the financial technology market matures by over 100 times its current size , it will still only account for 2 % of all energy consumption , she added .