Eliminating Bitcoin Mining Would Be a Mistake, Says Ripple Co-Founder

Key facts:
  • Larsen donated $5 million to an initiative to switch Bitcoin to PoS in March of this year.

  • Now, Larsen believes that Bitcoin mining should continue, but with a more “green” approach.

Chris Larsen, co-founder of the Ripple network, stated that if Bitcoin took the same leap as Ethereum and changed its consensus algorithm from proof of work (PoW) to proof of stake (PoS) it would be making a mistake. This occurred within the framework of the Bloomberg Crypto Summit 2022 conferences.

Larsen’s position is based on the fact that mining has become a kind of asset in its own right. According to him, the importance of Bitcoin mining transcends its block chain and impacts different sectors of societysuch as entrepreneurship and the mining hardware market.

Larsen’s change of speech is disturbing, considering that in March of this year he was supporting a Greenpeace initiative for Bitcoin to change from PoW to PoS. CriptoNoticias reported that the billionaire donated USD 5 million to this cause.

On this occasion, the co-founder of Ripple emphasized that his complaint about mining is its encouragement to consume non-renewable energy sources. His idea of ​​the algorithm change in Bitcoin still stands, only now it poses it as a “proof of clean work”, in which it can be verified that the energy used to mine comes from a renewable source. Larsen assured that there are already people working on that idea.

A bitcoiner perspective on stage

The Ripple co-founder’s participation in the Bloombeg Crypto Summit 2022 was not solo. Larsen was accompanied by Brittany Kaiser, chairwoman of the board of directors of Gryphon Digital Mining, a company dedicated to mining Bitcoin.

Kaiser agreed with Larsen’s ideal of making bitcoin mining environmentally friendly. In fact, she noted that your company only uses hydroelectric and nuclear energy. Although the second, although it is cleaner, in theory, very serious environmental risks are run if something gets out of control.

As for solar and wind energy, which, as CriptoNoticias has previously reported, is booming in the bitcoin mining sector, Kaiser does not have it among its options. The reasons for this is that these power sources are not as constant as the ones she uses. Therefore, many of the companies that use them are forced to resort to the use of fossil fuels.

In the best of cases, both solar and wind energy use batteries that work with lithium to have reserves. According to the Gryphon executive, the level of lithium contamination in the environment rules it out as a solution to the environmental footprint problem of bitcoin mining.

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