• Home
  • Contact Us
  • Privacy & Policy
Saturday, May 21, 2022
Finances Advise
No Result
View All Result
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading
No Result
View All Result
Finances Advise
No Result
View All Result
Home Crypto News Bitcoin

Garlinghouse: 1 Bitcoin Transaction Requires 75 Gallons of Gasoline

by admin
April 3, 2021
in Bitcoin
0
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter


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.

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.

“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.

“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
Tags: BitcoinGallonsGarlinghouseGasolineRequirestransaction
  • Trending
  • Comments
  • Latest

A 48-year market vet warns that the Fed will be forced to tighten policy ‘way sooner’ than investors anticipate as inflation continues to soar — triggering a stock market crash of up to 80%

August 28, 2021
27-year-old UG graduate now millionaire proposes to girlfriend on b’day in video

27-year-old UG graduate now millionaire proposes to girlfriend on b’day in video

August 9, 2021

‘It’s begging to be destroyed’: A stock trader who says he made more than $100,000 shorting the market during the 2008 crash just bet against the S&P 500 — and warns there’s a ‘fair chance’ stocks are about to drop 25%

September 11, 2021

Stocks tanked in the first quarter, and new research shows there should be a reversal by the end of June

April 15, 2022
The Weekly Bottom Line: Energy Prices Eat into Buying Power – Action Forex

The Weekly Bottom Line: Energy Prices Eat into Buying Power – Action Forex

0

Uber Hacking: Customers Not at Risk of Financial Crime, Says Minister

0

Black Friday Merchants Look to Extend Moment of Retail Optimism

0

Hotshot Snapchat Founders Face a Dilemma: Lie Low or Live Large?

0
The Weekly Bottom Line: Energy Prices Eat into Buying Power – Action Forex

The Weekly Bottom Line: Energy Prices Eat into Buying Power – Action Forex

May 21, 2022

Stocks Have Been Falling. I’m Still Buying Steadily.

May 21, 2022
Forex: Dollar selling takes a pause after bruising week

Forex: Dollar selling takes a pause after bruising week

May 21, 2022

Vietnam sacks head of the country’s main stock exchange over “wrongdoing”

May 21, 2022

Recent News

The Weekly Bottom Line: Energy Prices Eat into Buying Power – Action Forex

The Weekly Bottom Line: Energy Prices Eat into Buying Power – Action Forex

May 21, 2022

Stocks Have Been Falling. I’m Still Buying Steadily.

May 21, 2022

Categories

  • Bitcoin
  • Block chain
  • Business
  • Commodities
  • Ethereum
  • Financial Advisors
  • Forex
  • Investing
  • Litecoin
  • Market Insider
  • Personal Finance
  • Stocks

Site Navigation

  • Home
  • Contact Us
  • Privacy & Policy

We bring the Best and latest Crypto News

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.