Brad Garlinghouse, the Ripple CEO denied that he influenced Elon Musk on the Bitcoin energy consumption and said that the allegations are “beyond flattering” so let’s read more in our latest Ripple news today.
The Ripple CEO denied the allegations and said he finds them “beyond flattering” that the company influenced Tesla’s Elon Musk to outline the BTC energy consumption levels. One of the most discussed topics from the outside and the inside of the crypto community in the past few weeks was the bitcoin energy consumption and some like the environmentalists led by Elon Musk claimed that the main cryptocurrency uses a lot of electricity as much as entire countries which is harmful to nature.
BTC proponents referred to multiple researchers that indicate that most of the electricity used came from renewable energy sources. Barry Silbert, the CEO, and founder of Digital Currency Group has a theory that suggests one particular company could be behind most of the BTC energy usage FUD. Meltem Demirors who is the Chief Strategy Officer of Coinshares said that the name of the company starts with a “rip end with Ripple”. Expectedly, the comment caught the attention of the CEO. Despite averting from refusing the accusation directly and Garlignhouse referred to them as beyond flattering.
It’s worth noting that a few weeks before Tesla disabled the BTC payments for his cars due to environmental issues, Musk started criticizing the asset and Garlinghouse took it to Twitter to talk about the BTC carbon footprint. Ripple’s executive said one BTC transaction requires about 75 gallons of oil and called it among the least efficient mechanisms that people ever created. He warned that the higher the BTC price goes, the more energy it uses and the carbon footprint continues to scale. No matter, however, Garlinghouse clarified he’s not urging for a ban on BTC and predicted that the crypto could reach its full potential only if the miners use renewable energy.
As reported recently, Iran’s BTC mining could generate up to $1 billion in annual revenue as it accounts for 4.5% of all mining in the world according to blockchain data company Elliptic. The study by Elliptic estimates that it could bring in $1 billion per year and Iran accounts for 4.5 % of all BTC mining across the world. The current rate of power consumption estimates that Iran’s BTC mining farms will generate $1 billion in revenue annually.
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