However, the method for creating the feel and appearance on a bill is created by first cooking in sodium hydroxide, and then brightening the fibre with sodium hypochlorite (use in bleach).īoth are strong contaminants to the environment. most of the product is recycled from old bills to re-use in the new ones. Most paper currencies are made using fibre, not tree paper, so that they can withstand daily use. uses many energy saving and energy recycling systems, but is powered by a fossil fuel energy plant. The facility used to manufacture all currency for the U.S. This study breaks down the process fairly and highlights the positives and negative aspects associated throughout. The process to produce the currency each year is not only expensive, but energy intensive.
the expected 2018 currency manufacturing budget is $861.7 million, according to the Federal Reserve. The estimated energy consumption by cryptocurrencies currently is around 70Twh, according to the data used to formulate the opinion by economist Alex De Vries. With cryptocurrencies, all users need is a phone or computer that they likely already have and use frequently.
The traditional banking industry consumes closer to 100 terawatts of power each year (roughly – 26Twh on data servers, 58Twh on branches, 13Twh on ATMs). “It’s an extreme difference compared to the regular financial system, and this increasing electricity demand is definitely not going to help us reach our climate goals.” – Economist Alex De Vries To show the contrast in opinion between two experts in the related fields on the energy consumption of Bitcoin mining:
Others who assess cryptocurrency through the lens of economics believe that as their use grows, energy use will increase proportionally. “If Bitcoin technology were to mature by more than 100 times its current market size, it would still equal only 2 percent of all energy consumption.” – Electrical and Computer Engineering with focus on Renewable Energy Researcher Katrina Kelly-Pitou
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