As businesses around the globe are shaping strategies to go green and use clean energy, the Chief Market Strategist of the leading blockchain remittance firm, Ripple, also tweeted in regards to the issue.
In a recent tweet by Cory Johnson, he drew a comparison between XRP, Ethereum [ETH] and Bitcoin [BTC] in terms of environmental welfare. In each of the cases, the post showed the amount of energy utilized in the creation of the corresponding cryptocurrency.
It was stated that XRP consumes 0.01TWh [terawatt hours] while ETH and BTC consume 19.62TWh and 68.81TWh, respectively. In other words, while Ripple’s native cryptocurrency has an energy uptake of 1/100 of that of Oatman, Arizona, Bitcoin takes up as much energy as the cumulative total used by the Czech Republic.
Contradictory to the statement posted by Johnson, Kelly-Pitou, a research associate of Resilient Energy and Power Systems at the Swanson School of Engineering, stated that every new technology follows a natural path of inefficient energy consumption to the efficient ways of implementing the technology. She also suggested that saving energy is equivalent to making the technology more cost-effective.
Charlie Lee, the creator of Bitcoin’s intended companion Litecoin [LTC], had also earlier given his viewpoint on the energy consumption issue caused by crypto-mining. Here, when Lee was asked of his opinion on the matter, he revealed that he is not concerned as the power consumption adds value to the cryptocurrency “in some sense”. Furthermore, he opined that the energy used contributes to the security of the Bitcoin transactions.
A Twitter handle named xMPH [XRP ⚡️Pathfinder] took to the thread of Johnson’s tweet and addressed other concerns surrounding the space. The user wrote:
“They just need to develop a way of using less energy. Scalability and security are much bigger issues imo.”
Another twitter user and a cryptocurrency and blockchain space enthusiast, Crypto hodl, commented:
“In a world where electric cars are getting phased in and everyone is becoming more aware of their carbon footprint it only makes sense that we would do the same with crypto energy consumption.”
Subscribe to AMBCrypto’s Newsletter
Cryptopia hack: Case involving Ethereum-based tokens takes a new turn in the market
Grin [GRIN]’s great fall: The new privacy-oriented coin plummets by 97% within a day
Bitcoin Cash [BCH] Technical Analysis: BCH fails to recover as EOS looks to pounce
Bitcoin [BTC/USD] Technical Analysis: Bears take back the bull’s kingdom
Ethereum [ETH/USD] Technical Analysis: Coin continues to linger in bear’s realm
Bitcoin [BTC]: A piggybacking Proof-of-Proof blockchain has almost 20% of Bitcoin’s daily transactions
Ripple’s xRapid customer SendFriend will go live by Q1 in 2019, says CEO David Lighton
Venezuelan government decrees crypto operators to pay taxes in cryptocurrency
Bitcoin SV [BSV] emerges as top gainer with 11% growth; Tron [TRX] continues massive fall
XRP reaches Australia as FlashFX adopts Ripple’s cryptocurrency
Cryptocurrency trading platforms will be inspected by Bulgarian National Revenue Agency
Stolen Ethereum-based tokens transferred to Binance and other top exchanges
- Press Release
LIQNET – liquidity focused cryptocurrency exchange
Bitcoin [BTC] block halving is 66% complete; next block halving in 495 days