Ripple CEO Backs Bitcoin Mining To Succeed With Renewable Energy
Ripple’s Chief Executive Officer, Brad Garlinhouse, has noted that all the energy it uses must be entirely renewable for Bitcoin to reach its maximum or full potential. The crypto expert has clarified the earlier remarks he made about Bitcoin, stating that he didn’t campaign for the ban against Bitcoin. That said, he expressed his concern that a single BTC transaction costs at least 75 gallon of oil. Hence, he suggested that the whole crypto community should use renewable energy to make the Bitcoin mining business an environmentally friendly one.
The Ripple’s CEO on the environmental impact of Bitcoin
Recently, the rapid pace at which Bitcoin moved has attracted the attention of not only the investing community but also the world in general. While Bitcoin supporters cheered the digital currency for its unique features, others expressed varied concerns about the disadvantages of Bitcoin activities, especially mining.
A vast amount of electricity is used to confirm transactions, secure the network, and even produce new coins, a drawback that has generated concerns about the amount of carbon that Bitcoin releases to the environment. Not long ago, Bill Gates and Janet Yellen also issued warnings on the danger of carbon emission.
In the same vein, Garlinghouse drew the attention of the public to the same issue while responding to interview questions from Bloomberg. He stated that as a payment instrument, BTC has the lowest efficiency compared to any other payment tools that human beings have developed. The reason, he said, is that the higher the BTC’s price, the higher the energy consumption and even the carbon emissions that the asset leaves behind. He suggests that something should be done because a single BTC transaction costs about 75 gallons of fuel burned.
The Ripple’s CEO later clarified his remarks on Bitcoin
While he also showered encomium on Bitcoin for being a widely accepted store of value and “an exceptional asset,” his negative comments on Bitcoin enraged many Bitcoin fans who expressed doubt about his knowledge of Maths and whether he believes in the crypto world or not.
Having been criticized by Bitcoin’s lovers on Twitter over his negative comments on Bitcoin, Ripple’s CEO, who is still battling a lawsuit filed by SEC against his company, responded instantly to his critics. He claimed that he was not calling for the ban on Bitcoin, contrary to what his critics thought.
Eventually, he suggested that people look for a way to that will ensure that Bitcoin mining is completely done using renewable energy to enable the entire crypto industry to achieve its goal and reach its full potential. Meanwhile, researchers explained that Bitcoin leaves a carbon footprint that is a massive as New Zealand, as it generates about 36.9 megatons of CO2 every year. The crypto consumption of energy is bigger than in the Netherlands. Also, Bitcoin critics suggest different tokens that consume less power and emit less carbon, and are more environmentally friendly than Bitcoin.