The Bitcoin network is notorious for consuming a lot of electricity. Today, Tyler Winklevoss, one of the famous Winklevoss twins, tweeted that the American central banking system, the Federal Reserve, is currently consuming more energy for printing money than the Bitcoin network.
He will not have meant it so seriously with his statement. Nevertheless, with his sarcasm he alludes to a problem that was intensified by the corona crisis. To save the economy, central banks massively produce money.The US government has already pledged over $ 6 trillion in aid packages in the wake of the corona crisis. This number could continue to grow. Just a few days ago, the Senate approved an economic stimulus package of around $ 480 billion.The tweet got around 2,000 likes in a few hours and was shared many times.
Is the Fed really printing money?
The money is not really physically printed or banknotes created. It is book money. This means that only numbers in computers are changed. Nevertheless, the symbolism of the money printer fits well. The FED lends the money to the state by buying government bonds. This should return the debt later. Whether he will ever be able to do that is in the stars.