Energy consumption of Bitcoin is used for two purposes:
- Distribution of new coins into the system: The equivalent to mining for gold,
- Securing the network against double spending: The safety of your coins.
According to this study by ARK Investment Management, both are much cheaper than their counterpart for Gold and traditional Banking System.
Could it be less? May be, but energy spent in BTC mining comes from cleaner sources than for Gold mining. And we are not even considering the loss of life in traditional mining or the impact on the ecology due to toxic by products.
That’s incorrect. Quoting from: Five myths about Bitcoin’s energy use
Myth 2: Energy use scales with number of transactions. If Bitcoin ever scaled to global transaction volumes, it would boil the oceans.
This is just plain wrong. As we’ve learned above, miner energy use moves up or down with the amount of competition between miners, not the number of transactions being validated.