Analysis of Bitcoin’s proof-of-work and the Lightning Network exposes the banking system as energy-hungry, demonstrating that Bitcoin is better for the planet. A research report published by Michel Khazzaka, an IT engineer, cryptographer, and consultant, calculates that Bitcoin payments are a "million times more efficient" than the legacy financial system. Plus, the banking sector “uses 56 times more energy than Bitcoin.” The report compiles almost four years of research and suggests a new calculation for estimating Bitcoin's proof-of-work energy consumption. Subscribe to Cointelegraph Markets Pro: https://pro.cointelegraph.com Check out the latest crypto merch at the Cointelegraph Store: https://store.cointelegraph.com/ #bitcoin #animation #cartoon #cryptostories #crypto #cryptocurrency Subscribe to Cointelegraph: https://goo.gl/JhmfdU Follow COINTELEGRAPH: Website: https://cointelegraph.com/ Telegram: https://t.me/cointelegraph Facebook: https://www.facebook.com/cointelegraph Twitter: https://twitter.com/cointelegraph Cointelegraph covers everything Bitcoin, bringing you the latest news, prices, breakthroughs, and analysis, with an emphasis on expert opinion and commentary from the digital currency community.