Earlier, Ripple CEO Brad Garlinghouse, in an interview with CNBC, had said that one transaction is equivalent to about 75 gallons of gasoline being burned while pointing to its supposed negative environmental impact. He also stated that the XRP ledger is 100,000 times more energy efficient. These comments from Ripple CEO brought some criticism from the crypto community.
Ripple CEO explained how he reached the exact figure.
Ripple CEO Garlinghouse clarified that he was a “fan” of Bitcoin. However, he said that he only saw it as a store of value, not a means of payment. Nevertheless, or perhaps because of it, the Bitcoin community did not react very kindly to the comment. The community questioned how Garlinghouse came up with the figure of 75 gallons of gasoline. Crypto journalist Frank Chaparro tweeted, “Seriously. Very curious how many gallons of oils each bitcoin transaction requires. Do any of you know?” Ripple CEO, in a series of tweets, said:
“Guess I touched a nerve! My comment was about how many gallons of gas emits the same amount of CO2 as a BTC txn (could’ve been more clear in the clip). First off, I’m DEFINITELY not saying ban BTC! I’m saying we, collectively, can and should understand PoW’s carbon footprint.”
78% of Bitcoin miners use renewable energy.
Bitcoin critics have long used the massive energy consumption narration to criticize cryptocurrency. While there is some truth to the claims, it is mostly represented out of context as 78% of Bitcoin miners use renewable energy, as per a recent study by CoinShares. The same study also states that about 35-40% of the total energy used for mining comes from renewable sources. Ripple CEO further noted that we have the tools to make crypto 100% renewable and reach its full potential.