This is according to cryptographer and founder of Valuechain, Michal Khazaca:

“I’m not saying it’s used less or the same, I just know it’s used 56 times more than Bitcoin.”
The stats, which Michel Khazaka first shared back in the summer, have caused a stir in Bitcoin and the broader crypto community. He published his estimates in a report on Valuechain, a company he founded to investigate the world of cryptocurrency payments.

In an exclusive interview with Cointelegraph Crypto Story, Khazzaka talks viewers through extensive research that led to startling conclusions. In short, Bitcoin may not be as bad for the environment as the mainstream media leads people to think.

Al-Khazakha, who describes bitcoin as “money with memory,” sought to refute the claim that bitcoin is worse for the environment than fiat money. He spent four years toiling away, collecting data and crunching numbers. He developed a model, or estimation, to understand how much energy the banking industry consumes.

Speaking from his home in Paris, Khazaga told Cointelegraph that he researched commute times, data centers, servers and even ATMs for the calculations. However, it did not take into account the energy put into “banks, buildings, or ATMs. To manufacture to bring in metal, etc. Let’s compare processes.” Khazaza acknowledges that this oversight was intentional:

“This is why all of my numbers are underrated for banking and so accurate for Bitcoin.”
For bitcoin, Khazzaka concluded that it consumes 88.95 terawatt-hours annually, which is significantly lower than the Cambridge Center for Alternative Finance estimates. However, Khazzaka admits that Bitcoin uses “an extraordinary amount of energy.” However, in exchange, users receive “an extraordinary amount of security for a critical service”.

He compares bitcoin to space travel, stating that even if people don’t care about going to the moon, that’s right, “even if it takes more [energy] than a car.”

Related: Bitcoin Mining Will Cost Less Than 0.5% of Global Energy If BTC Hits $2 Million: Arcane

Finally, referring to the Layer 2 Bitcoin Lightning Network, Khazzaka concluded that, as a payments network, it shows huge promise. He just needs to prove himself.