Here we go again. Another article has come out taking a shot at bitcoin’s energy consumption. The article specifically suggests that a single bitcoin transaction consumes more electricity than a household in Britain for a period of over two months.
Ripple CEO Brad Garlinghouse has seconded this report, adding that this huge waste of energy should be prioritized in the “growing climate crisis”.
Is Bitcoin’s Energy Appetite A Real Cause For Concern?
Historically, naysayers have opposed bitcoin based on the perceived notion that the mac daddy of crypto utilizes a lot of energy, hence it is environmentally unfriendly. Some claim that the network’s miners waste millions of dollars worth of electricity trying to solve difficult puzzles after which they receive block rewards.
A recent article published by The Telegraph posited that a British household uses less electricity in two weeks compared to the energy consumed by one bitcoin transaction. The article further noted that the carbon footprint of one BTC transaction is equivalent to that of 780,650 Visa transactions or watching videos on YouTube for 52,043.
Garlinghouse took to twitter to support this article. He opined that the mining of both bitcoin and ethereum culminates in hugely wasteful processes. His exact words were: Read More...