Ripple Co-Founder Introduces BTC Mining Offer

Ripple's president has presented new Bitcoin mining proposals that will help make the crypto mining process more environmentally friendly. This statement came when Bitcoin prices dropped and deleted $ 500 billion in cryptocurrency from the market last week. Bitcoin has been criticized for the high energy consumption of Bitcoin's mining operations in recent years. The energy consumed in the mining process is also expected to increase as crypto prices rise. Last year, Bitcoin's price rose almost 500%. However, recent price fluctuations in the past week caused Bitcoin prices to decline, surpassing $ 500 billion from the crypto market after the stock market crash. Bitcoin's Proposal to Accept PoS Competition among cryptocurrencies has prompted some developers to switch to fast and efficient mining methods. Ripple co-founder Chris Larsen has urged Bitcoin to follow the trend and switch to green models. According to Larsen, the change will allow Bitcoin to maintain its dominance in the market. The Bitcoin mining process is currently based on a proof-of-work system that consumes a lot of energy. Miners use energy to validate transactions and calculate the hash rate they pay with Bitcoin. Ethereum, the second largest cryptocurrency, is starting the Eth2 upgrade, which is expected to move to the Proof of Stake model. This upgrade lowers operating and transaction costs as miners are removed from the blockchain. Ripple's XRP, the fourth largest cryptocurrency in terms of market capitalization, uses a unified consensus model to validate transactions and secure ledger. Larsen emphasized that given the impacts of Bitcoin mining on the climate, a change in Bitcoin is crucial. Larsen said the average annual energy used by Bitcoin for mining is 123 TWh, which could power 12 million American homes. Bitcoin mining also emits 63 million tons of CO2 each year.

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