Ripple's radical call for greener Bitcoin

Ripple co-founder Chris Larsen celebrated Earth Day with a bold offer. He called on the Bitcoin network to move from a power-hungry Proof of Work (PoW) to a more environmentally friendly system like Proof of Stake (PoS). Since such a move would require a drastic change in the Bitcoin code, I spoke to Larsen to see how serious it was, and it turned out to be very serious. According to Larsen, the crypto industry is being beaten by progressives and many don't realize that not all blockchains are energy hungry like Bitcoin. He says environmentalists do not realize that 40% of the industry will be low-emission after Ethereum shifts to shareholding. And, discussing his network, Larsen stated that the annual energy consumption of Ripple's XRP network is comparable to that of 50 American households compared to 12 million households for Bitcoin. The hard truth about Bitcoin's energy consumption, Larsen is also not buying the argument from companies like Square, which suggests that Bitcoin can solve energy problems by relying on renewable energy sources. He fears that renewable energies will never be as cheap as fossil fuels, and that opportunists will look to places like Saudi Arabia to mine Bitcoin cheaply, or that some billionaires will find ways to undermine any empowerment initiative. clean cryptographic energy. . "What prevented Peter Thiel from building a super tanker in the middle of the ocean and running a bitcoin miner with super cheap coal?" Larsen asks. He says the only way to fix the problem is for the Bitcoin community to follow Ethereum's lead and "do the right thing" by moving away from mining. Good idea. But I don't think it will work. For starters, unlike the Ethereum crowd that can have certain Kumbaya moments, the Bitcoin community has always been unmanageable and often unable to accept even small changes for a greater benefit. And green initiatives will be further hampered by companies that are currently investing billions of dollars in advanced hardware (such as ASIC).

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