Ripple Co-Founder Clarifies Funding of “Change the Code” Campaign
Ripple co-founder Chris Larsen has set the record straight regarding the funding of the controversial “Change the Code” campaign. Contrary to previous reports, Larsen clarified that the San Francisco-based company did not directly fund the campaign.
Partnership with Greenpeace
Larsen recently teamed up with Greenpeace, a renowned environmental organization, to advocate for a shift away from the proof-of-work (PoW) consensus algorithm in the Bitcoin community. This partnership sparked debate and criticism within the cryptocurrency community.
Energy Transition in Bitcoin Mining
In a recent statement, Larsen acknowledged the significant progress made in the energy transition of Bitcoin mining. He highlighted a study conducted by the University of Cambridge, which revealed that a majority of Bitcoin mining now relies on renewable energy sources such as hydropower, nuclear, and wind.
Moreover, Larsen pointed out that flared gas, a byproduct that would otherwise go to waste, is being utilized to power Bitcoin mining operations. This sustainable approach to energy consumption is a positive step towards addressing environmental concerns associated with cryptocurrency mining.
Backlash and Criticism
Despite these efforts, Ripple faced backlash from Bitcoin proponents following the donation of the controversial “Satoshi Skull” statue to a prominent cryptocurrency museum. The donation reignited tensions between Ripple and the Bitcoin community, with some critics citing Larsen’s past involvement in anti-Bitcoin campaigns.
Ripple CEO Brad Garlinghouse has also been vocal about his concerns regarding Bitcoin’s energy consumption. He previously criticized the PoW mining algorithm as a “massive waste” of resources, further fueling the ongoing debate surrounding sustainability in the cryptocurrency industry.