CZ explains how Bitcoin mining is efficient, questioning banks’ energy usage

Sahana Kiran
Source – Pixabay

Bitcoin [BTC] mining is a widely discussed topic. While its energy consumption was a concern to many, the industry’s evolution has opened doors to sustainable methods of mining the asset. Despite this, several continue to take a jab at the mining industry. The CEO of Binance, Changpeng Zhao, decided to stand up for the crypto mining industry and point out the shortcomings of centralized systems.

CZ noted that there wasn’t another trillion-dollar asset as efficient as Bitcoin. He posed the question of how the energy consumption of BTC was increasingly transparent. Unlike banks, the world can see the amount of electricity required to mine a Bitcoin.

He went on to add,

“Any trillion dollar asset requires much more energy than Bitcoin’s mining power just to sustain it. I strongly believe that Bitcoin mining is far more efficient than any of the other modes used to manage any other asset type.”

Bitcoin healthier now than during its all-time high?

In addition to his afore-seen remarks about BTC mining, CZ talked about the price of the king coin. In a recent interview with CNBC, the Binance chief spoke about the ongoing crypto winter and how it benefits the ecosystem as a whole.

Bitcoin and other cryptocurrencies took the front stage over the last couple of months. The massive spike in the market lured an array of people to crypto. This sadly included people who did not believe in crypto. However, with the recent plummet, these tourists were seen bidding farewell, prompting a massive sell-off.

CZ added,

“Crypto market should only attract the believers. It should only attract the people who are in it for the technology, who understand how to use it. I think a correction is actually healthier.”

He further suggested that the market is much healthier now compared to November last year, when bitcoin was at its peak. Amidst this, Bitcoin garnered respite following its recent rally. The asset surged to a high of $24,294.7 and was currently trading at $23,703.

Bitcoin’s sudden rally brought about immense attention to it. Therefore, the king coin managed to thrive in terms of social activity.

As seen in the above chart, BTC with 76.3K social mentions reigned in the social media world. Ethereum [ETH] seemed to stand second to BTC even on the social activity list.