We have no hand in Elon Musk’s Bitcoin fossil fuel concerns – Brad Garlinghouse

We have no hand in Elon Musk’s Bitcoin fossil fuel concerns – Brad Garlinghouse
фото показано с : invezz.com

2021-5-24 13:25

Chief Strategy Officer of CoinShares pointed accusing fingers at Ripple, stating that the company is spearheading the negativity campaign against Bitcoin (BTC/USD). This is coming after the Founder of Digital Currency Group Barry Silbert noted that a particular firm is influencing the campaign.

But Chief Executive Officer of Ripple Labs Brad Garlinghouse has stated that the claim the company influenced Tesla’s concerns about Bitcoin is false.

“It’s beyond flattering that you think Ripple is the puppet master behind Elon Musk,” he said in reply to the accusations.

It’s beyond flattering that you think Ripple is the puppetmaster behind Elon Musk, countless scientists, governments, crypto enthusiasts and others who have stated the facts about BTC’s energy use…. 🤣https://t.co/csb7bBIGxq

— Brad Garlinghouse (@bgarlinghouse) May 24, 2021 Bitcoin’s high energy usage is a growing concern

Bitcoin’s high energy consumption is drawing interest from different corners lately, with Elon Musk becoming the latest to express concern.

Tesla has since disabled Bitcoin payments for its products, citing concerns that Bitcoin’s mining is taking a toll on the environment. The company noted that such issues go against its goals of producing environmentally-friendly vehicles.

Musk explained recently that Bitcoin’s electricity usage level is higher than the entire consumption rate of some countries. According to the Tesla chief, such statistic makes it difficult for the company to continue supporting Bitcoin.  He also stated that Tesla is considering selling off its Bitcoin holdings as a result of the issue.

Prominent Bitcoin enthusiasts have countered this claim. They referred to different researches that showed that BTC’s major electricity consumption is coming from renewable sources.

Bitcoin’s energy usage has been echoed by others

Garlinghouse clarified that he is not campaigning for the ban of Bitcoin, but is suggesting that Miners use renewable energy to allow BTC to reach its potential.

He also pointed out that the views shared by Tesla have been echoed by the government, crypto enthusiasts, and scientists. Earlier this month, the Ripple chief pointed out environmental concerns regarding the continuous mining of Bitcoin. He urged the crypto community to look for solutions regarding the issue.

The post We have no hand in Elon Musk’s Bitcoin fossil fuel concerns – Brad Garlinghouse appeared first on Invezz.

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