Earlier this year, bitcoin reached an all time high value of around 65 thousand dollars. The value did not retain its position for long and when Elon Musk shared the shocking news, the value fell down. Musk has said that due to high energy consumption by bitcoin, the car company Tesla will not use Bitcoin for the payments anymore. After this announcement by the billionaire and the crypto influencer, the value went down and the whole crypto market got affected. The concerns were raised about the mining energy.
The energy consumption by bitcoin is extremely high. According to the Cambridge Center for Alternative Finance (CCAF), Bitcoin currently consumes around 110 Terawatt Hours per year — 0.55% of global electricity production, or roughly equivalent to the annual energy draw of small countries like Malaysia or Sweden. With the rising use of crypto currency, the demand is increasing which means a higher energy use among mining operators. According to reports, Bitcoin's electricity consumption jumped by more than 163 percent in the second half of February, from 265 TWh to 433 TWh, as the price skyrocketed. The bitcoin network also generates 11.5 kilotons of e-waste every year.
After that, Global and local leaders' agendas have become preoccupied with sustainability. We can thank Musk for that. The Biden administration's decision to rejoin the Paris climate agreement was the first hint of this, and we've lately seen remarks from various federal and state agencies indicating how important it will be to confront the global climate catastrophe.
Well, this was about the energy consumption of bitcoin and how they got awareness to think of a sustainable crypto market. In the world where bitcoin is being such energy consumptuous, there are currencies like XRP that use less than 1 percent of energy used by the top crypto currency of the world. According to reports, the energy demands for XRP, which is employed by the US-based technology company Ripple Labs, is 0.0079 KWh. This makes XRP approximately 90,000 times more environmentally friendly than Bitcoin. In comparison, a single transaction using flat currency like paper money consumes 0.044 KWh. It suggests that XRP is even more sustainable than fiat currency and in fact the most sustainable crypto currency in the world.
The world is working towards making crypto sustainable but it is here to stay and they can not neglect the energy it is using. To achieve a low-emission future driven by clean, renewable energy, market parties are actively collaborating. For this purpose, Ripple has joined hands with the World Economic Forum, Energy Web Foundation, Rocky Mountain Institute and ConsenSys to enable all of the world’s blockchains to be powered by 100% renewables by 2025. Inspired by the Paris Climate Agreement, Crypto Climate Accord or CCA is a private sector-led initiative for the entire crypto community focused on decarbonizing the cryptocurrency and blockchain industry in record time.

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