The recent cost of a Bitcoin transaction is € the same cost as carrying out 12,500 transactions on the incoming TARGET Instant Payment Settlement (TIPS). Bitcoin is heavily resource intensive, and certainly not a green technology. Bitcoin mining is estimated to currently consume energy at an annual rate of 46 TWh,6 approximately 35 times the electricity consumption of all Tesla cars in the world.
That responsibility will remain with national authorities and national supervisors. •  Fourth, since the ESRB will not implement macro-prudential policies, the effective monitoring of the follow-up to its warnings and recommendations and the consistent and timely implementation of the recommendations will be crucial for the performance and the credibility of the new macro-prudential supervisory framework.