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XRP consumes lesser energy than Bitcoin [BTC], Ethereum [ETH], says Ripple’s Cory Johnson

Priyamvada Singh

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XRP consumes lesser energy than Bitcoin [BTC], Ethereum [ETH], says Ripple's Cory Johnson
Source: Pixabay

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.

Cory Johnson's recent Tweet | Source: Twitter

Cory Johnson’s recent Tweet | Source: Twitter

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.”





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

XRP

Ripple: SCB Thailand asks crypto-enthusiasts to wait for announcement regarding XRP adoption

Namrata Shukla

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SCB Thailand asks crypto enthusiasts to wait for announcement regarding XRP adoption
Source: Pixabay

The nascent field of cryptocurrencies has been seeking major mainstream adoption, especially from financial institutions. Ripple, the native company of the third largest cryptocurrency, managed to promote its services and would provide payment services to the oldest Thai bank, Siam Commercial Bank [SCB].

The bank however, has not confirmed whether it would be making use of XRP. The Bank had informed its approach towards blockchain technology in various industries and the XRP community rejoiced after rumours of XRP adoption surfaced. However, when a Twitter user asked about the bank using XRP, SCB replied,

“We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.”

However, another Twitter user, @_bjb, jumped the gun when he saw the following on SCB,



The user then shared that when he went to use the service, he was informed that the service will be available soon. SCB Thailand apologized for the inconvenience through a tweet and informed all users,

“The information about ripple transfer will be announced soon, we are sorry for the inconvenience.”

The bank also stated that at the moment, it was using Ria Ripple transfer for banks in Japan and that users and crypto-enthusiasts will have to wait for an official announcement.





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