Ripple CEO: The cryptocurrency space can reach its full potential only after Bitcoin mining starts using 100% renewable energy
Ripple CEO Brad Galinghouse has clarified his stance on Bitcoin, clarifying that he has not argued for a ban against it. Nevertheless, he outlined that one transaction with BTC requires about 75 gallons of oil and noted that the entire crypto space should aim at turning bitcoin mining into a clean energy business.
Ripple CEO: Bitcoin will reach full potential through renewable energy mining
BTC’s rapidly expanding price garnered the attention of the world. While some were quick to praise the assets for their unique characteristics, others focused on the negative part of those features, including bitcoin mining.
The process of validating transactions, securing the network, and ultimately creating new coins, uses lots of electricity, which has raised concerns regarding the carbon footprint the asset leaves. Recently, names like Bill Gates and Janet Yellen were especially vocal on that matter.
WATCH: @bgarlinghouse, CEO of Ripple Labs, shares an update on the SEC lawsuit against the company. He also discusses the impact of #Bitcoin mining on the environment with @emilychangtv on @BloombergTV
— Bloomberg Crypto (@crypto) April 1, 2021
During a recent Bloomberg interview, Garlinghouse also touched upon this topic:
“Bitcoin as a payment mechanism is among the least efficient payment mechanisms that mankind has ever created because as the price of Bitcoin goes up, the energy consumption and the carbon footprint continue to scale aggressively. I think we can’t lose sight as one Bitcoin transaction is equivalent to about 75 gallons of gasoline being burned.”
Although he also praised bitcoin for its store of value capabilities and called the asset exceptional, his words provoked numerous BTC proponents, who questioned his math and his cryptocurrency support as a whole.
Garlinghouse was quick to respond to the Twitter attacks. He clarified e is not advocating that regulators should ban the primary cryptocurrency, as some users suggested in the comments. Ultimately, he urged people to focus on finding an adequate solution so that 100% of BTC’s mining could come from renewable energy, which would help the entire industry reach its full potential.
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