Bitcoin Miners, Gold Miners, or Banks: Who Uses More Energy?

Cryptocurrencies in general, and Bitcoin specifically, come under constant fire for the energy they use and their environmental impact. And while, yes, Bitcoin mining does require a large amount of energy, is it really worse for the environment than mining for precious metals or powering both retail and commercial banking locations around the world?

What is Bitcoin and How Does it Work?

Bitcoin, a widely recognized innovation, has emerged as a revolutionary digital currency in today’s ever-changing digital landscape. It was introduced in 2009 by an individual known as Satoshi Nakamoto, challenging traditional notions of currency and value while revolutionizing the financial industry.

Trading Over the Counter

Over-the-counter (OTC) trading in cryptocurrency refers to the process of trading digital assets directly between two parties, without the involvement of a centralized exchange. Unlike traditional exchange trading, OTC trading takes place off-exchange, typically facilitated by brokers or market makers.