Garlinghouse: 1 Bitcoin Transaction Requires 75 Gallons of Gasoline

News BTC

Ripple CEO Brad Garlinghouse said performing a single Bitcoin transaction requires burning 75 gallons of gasoline. This shocking statistic gives a degree of the scale of Bitcoin’s possible environmental impact.

Bitcoin Gets a Thumbs Down From Environmentalists

It emerged recently that Bitcoin’s annual energy consumption currently matches that of a mid-sized country, with Argentina given as an example.

How To Get Free Crypto  

Garlinghouse said Bitcoin’s proof-of-work consensus model ensures the problem will get worse as the network grows. This is because rising price correlates positively with energy consumption, as more miners join the network to take advantage.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

“As the price of Bitcoin goes up the energy consumption and the carbon footprint of a proof-of-work, that mining that happens to validate the transactions, that continues to scale aggressively also. And we can’t lose sight that one Bitcoin transaction is about the equivalent of 75 gallons of gasoline being burned.”

Charles Hoskinson, the CEO of IOHK, said the amount of energy used by the BTC network has gone up more than four times since the peak of the last bull market.

“Bitcoin’s energy consumption has more than quadrupled since the beginning of its last peak in 2017 and it is set to get worse because energy inefficiency is built into bitcoin’s DNA.”

And with the price of Bitcoin predicted to go up further during this bull cycle, future energy consumption will inevitably rise to that of a large country. Estimates put a $100k Bitcoin on par with the energy consumption of France or Germany.

What’s The Solution?

There are no easy answers to this issue. But Garlinghouse suggested users switch to more energy-efficient platforms, such as Ripple and XRP, especially for payment transactions.

Coinbase Banner  

“We at Ripple use the XRP Ledger because it’s extremely fast and it’s about one hundred thousand times more energy-efficient than Bitcoin. In that context, it works really well for payments…”

At the same time, Bitcoin advocates say high energy consumption is not a valid argument as most of the energy comes from renewable sources.

Head of Research at CoinShares Christopher Bendiksen states that Bitcoin mining is a mobile affair drawn to unwanted and cheap energy sources. He claims the majority source comes from otherwise underutilized renewables.

“Bitcoin mining is extremely competitive, but even more importantly, mobile, and therefore tends to cluster around the unwanted (read: cheapest) energy sources of the world. These sources happen to be largely composed of stranded or otherwise underutilised renewables, particularly hydro power.”

What’s more, Bendiksen goes as far as to say the electricity cost is worth it for what we get in return – a global apolitical monetary system. Rather than condemn Bitcoin’s energy usage, he argues that Bitcoin mining has an important role to play in improving the renewable grid architecture.

Source: BTCUSD on TradingView.com

Go to Source
Author: Samuel Wan


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.