After questions were raised about the effectiveness and environmental effects of crypto mining, CZ expressed confidence in the technology. Comparing Bitcoin mining with the power consumption of traditional financial companies, he said the mining process is more efficient. “This is just the beginning,” he asserted, saying Bitcoin’s sustainability is important to the ecosystem.
Crypto sustainability, its importance
Asked about the importance of crypto sustainability, Binance Managing Director CZ said it is extremely important. He added that this is one more reason why crypto should be embraced. CZ said no other asset of Bitcoin’s caliber could survive with less efficiency. He also said that Bitcoin is much more efficient than any other mode.
“Any trillion-dollar asset requires far more energy than the mining power of bitcoin just to maintain it. any other type of asset.
CZ insisted that the energy costs of other assets are not easy to calculate. Taking the example of big banks in big cities, the CEO of Binance said that their energy costs are difficult to assess. “How much electricity do banks consume? I don’t know.” On the contrary, Bitcoin is transparent in that its mining costs are easy to calculate, he explained. But transparency does not necessarily make crypto a bad asset.
“Bitcoin just the beginning”
Earlier this year, Tesla’s CEO said he was considering leveraging the use of renewable energy for bitcoin mining. He indicated at the time that there was a need to use green energy for mining. Besides that, CZ talked about the efficiency of Bitcoin mining. He said bitcoin mining is relatively more efficient than bank mining.
“Bitcoin is just the beginning. We now have many blockchains that are a thousand times better than Bitcoin. Blockchain is by far the most efficient technology for organizing money to transfer value to organize finances.
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