Ripple CEO criticizes bitcoin and ethereum over too much energy consumption.

Brad Garlinghouse, the CEO of Ripple, criticized the leading cryptocurrency bitcoin and Ethereum, saying that their mining process consumes way too much energy.

According to a Telegraph.co.uk report, a bitcoin transaction uses the same amount of electricity as a British household for nearly two months. According to the report, the amount of energy needed to run the cryptocurrency has soared annual highs of 777.8 terawatt-hours the same as the entire electrical consumption in Chile. Ripple hired Brad Garlinghouse as the CEO back in 2016. 

 

“Energy consumption for BTC and ETH mining is a massive waste.”

Brad Garlinghouse tweeted that the energy consumption for BTC and ETH mining is a massive waste, and there’s no incentive to take responsibility for the carbon footprint. This was not the first time that Brad Garlinghouse targeted bitcoin for consuming too much energy. During the Davos economic conference, Ripple CEO, Garlinghouse said that bitcoin is good as a store of value but not as a means of currency. 

 

Bitcoin fails to prove the status of “safe haven.”

The price of the leading cryptocurrency reached above the $10,000 mark in February, which coincided with the outbreak of novel coronavirus around the world. Several experts regarded bitcoin as the “safe haven.” But the price of bitcoin fell below $9,000 mark later last month as the coronavirus continued to spread. The mysterious virus originated from Wuhan has taken the lives of nearly 3,000 people around the world. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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