Ripple CEO Brad Garlinghouse did not miss the opportunity to tar Bitcoin’s and other cryptocurrencies’ reputation.
Energy consumption for BTC and ETH mining is a massive waste and there’s no incentive to take responsibility for the carbon footprint. Absolutely 🤯 that this isn’t high on the agenda for the growing climate crisis… https://t.co/psR77m78Ua
— Brad Garlinghouse (@bgarlinghouse) March 4, 2020
The specialist drew attention to the negative impact of energy consumption on the mining of assets proceeding to the environment.
However, prominent supporters of the first crypto refuted his criticism immediately. Skeptics of Ripple noted that, if we compare the effectiveness of BTC and ETH with XRP, we can conclude that it is the latest project that is wasting electricity.
The Most Energy Sustainable Currency
However, according to a study conducted by Standford & Stockholm University, XRP is the most stable and most competent currency in terms of energy consumption.
Recall that in addition to XRP, experts evaluated Bitcoin (BTC), Ethereum (ETH) and Visa. Despite the big names, Ripple managed to take the place of the leader.
According to the report, Bitcoin consumes more electricity per year than Scotland and Nigeria, whose population is 5 and 170 million people, respectively.
The relationship between the cryptocurrency industry and Bitcoin in particular with the energy industry has always been difficult. Many people have encountered problems due to miners who organize operations in small cities and communities and promise great opportunities for the population. Instead, they mess up the local power system and consume excessive amounts of energy.
At the same time, several recommendations are offered for rational changes within the industry. The proposals include the implementation of a tariff premium, the so-called “Bitcoin tax” – on the ownership of virtual currency, as well as the introduction of “green” taxes and restrictions on items such as devices for Bitcoin mining.
Cryptocurrency Rates Are Dropping
Note, that the rate of most cryptocurrencies at TOP-10 Coinmarketcap rating decreased after the statement of Ripple CEO Brad Garlinghouse. At the press time, the Bitcoin and XRP are recovering, and currently, the coins are trading at $ 8.819 and $ 0.2366, respectively.
Amid the decline in the BTC price, Euro Pacific Capital CEO Peter Schiff, known for his criticism of Bitcoin, spoke negatively about cryptocurrency once again. The specialist drew attention to the fact that the asset, in his opinion, is not able to grow. This situation, according to Peter Schiff, testifies in favor of the sale of BTC.
If @Bitcoin can't rally with an emergency 50 basis point rate cut, plus all of the recent stock, bond, currency and gold market volatility, under what circumstances will it rally? If Bitcoin won't go up, why own it? The answer to that question is "sell." Look out below!
— Peter Schiff (@PeterSchiff) March 3, 2020
Commentators, in turn, drew attention to the fact that the growth in the crypto rate over the past 12 months has exceeded the performance of gold. Recall that the CEO of Euro Pacific often cites a precious metal as an effective choice for investment, contrasting it with BTC.
Meanwhile, members of the cryptocurrency community keep analyzing the possibilities for further movement of the cryptocurrency rate. Many agreed that at the moment, to enter the BTC growth, you need to overcome the level of $ 9,000.
At the moment we have support at around $8535. If we fall below, then we could see $BTC between $8300 and $8050.
— Cryptohero (@CryptoheldCOM) March 3, 2020
At the same time, users believe in the prospects for a positive movement against the backdrop of the upcoming halving.