Energy Consumption Comparison Between Ripple, Bitcoin and Visa Sees XRP Win on Mining Costs
One of the biggest criticism against Bitcoin has been its energy-intensive Proof Of Work Algorithm. Just the phrase ‘Crypto-Mining’ is synonymous to operations that have high energy usage. Yet, mining remains the backbone of the crypto industry.
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.
An intensive study by Standford & Stockholm University concluded that when it comes to energy consumption rate, XRP is the most sustainable and energy efficient currency. The study was conducted between four different currencies, namely, Bitcoin (BTC), Ethereum (ETH) and Visa. The samples of their annual electricity consumption rate showed that Bitcoin consumed the most, topping with 26.05TWh, Ethereum 9.68TWh, VISA 0.54TWh while Ripple (XRP) consumed the least energy with 0.0005361TWh.
In contrast to Bitcoin and Ethereum, Ripple uses Proof-of stake (Pos), which doesn’t make use of that much energy. Additionally, usage of XRP is beneficial because it doesn’t have high transaction fees..
To get a better perspective of these numbers, the total electricity consumed by XRP can power fifty houses in the US whereas Bitcoin can do so for about 3 million homes. The study additionally showed that the total cost obtained in energy used per year marks a big difference between the three. XRP costs only 64,000 USD while Bitcoin costs 3 billion USD and Visa 64 million USD per year.
Ethereum recorded $1.16B yearly and 2.45 per transaction. Cost of mining Ripple is surprisingly very low, at $0.000136 per transaction. BTC emits 144 lbs of CO2 per transaction, Visa emits 0.00794 lbs of CO2 per transaction, whereas Ripple only emits 0.0000138 lbs of CO2 per transaction.
Summing up the research, XRP is the most eco-friendly cryptocurrency out there that consumes less than even regular VISA transactions.