After an intense scientific study by Standford & Stockholm University to determine the most eco-friendly currency, it was revealed that in terms of energy consumption rate, Ripple (XRP) stands as the best sustainable and most competent currency.
The study which was conducted amongst four other entities featured Bitcoin (BTC), Ethereum (ETH) and Visa, and was led by two researchers, John Leopold and Niclas Englesson.
Examining the annual electricity consumption rate of the four samples, Bitcoin consumed the most, topping with 26.05TWh, Ethereum 9.68TWh, VISA 0.54TWh while Ripple (XRP) consumed least energy with 0.0005361TWh.
Bitcoin, according to the report consumes more electricity yearly than Scotland and Nigeria which have a population of 5 million and 170 million respectively.
The second slide of the report revealed the number of household in US that could be powered by each currency and the electricity each currency consumes per transaction.
The outcome publicized that Ripple’s energy yearly consumption rate which is the lowest can only service 50 home, and the trend grew higher from VISA to Ethereum and finally Bitcoin, which could power 2,412,037 homes.
Deciphering this to the amount of electricity consumed per transaction, Bitcoin recorded 118KWh, Ethereum 20.294, VISA 0.00649 and the tiniest from Ripple (XRP) which expends 0.0000113KWh per transaction.
After liquidating the energy consumed by each, Bitcoin’s energy intake on yearly basis was worth $3.12B whereas per transaction valued $14.1. Ethereum recorded $1.16B yearly and 2.45 per transaction. While Ripple was marked the least, consuming $0.064M energy worth per year and $0.000136 per transaction, VISA’s energy consumption rate was ranked third.
After a careful analysis of the entire study, it was concluded that Ripple (XRP) which is a bridge currency for remittance services, amongst the other currencies cost less and is most efficient in terms of electricity, C02 emissions.
Therefore, Ripple (XRP), according to the report is the most ecofriendly currency.
The result of the investigation can also be linked to the energy required in the mining process of each of the currencies. Ripple (XRP) was created to solve some of the flaws of Bitcoin, amongst which mining is involved.