Brad Garlinghaus, CEO of Ripple, once again walked through the world’s largest cryptographic currency in a tweet from Z0 October, commending the New York State Department of Financial Services (NYDFS) and its strong messages on combating climate change.
Garlinghouse is concerned about the huge carbon footprint of Bitcoin, so he recommends companies use cryptov currencies that are ‚more energy efficient‘:
„A huge, turning point from @NYDFS. Let’s all be part of ending the global climate crisis and HE will make the problem worse. As more and more companies (Square, RH, MicroStrateg, Raoul) are storing/providing services from BTC, this step is crucial to mitigating carbon damage and using more energy efficient assets“.
On 29 October, NYDFS became the first banking regulator in the USA to address climate change risks. The letter, addressed to financial institutions by NYDFS Superintendent Linda Laswell, speaks about the negative impact of cryptocurrency mining on the environment, which does not bode well for institutional adoption.
In addition to criticising the „Chinese coin“, the company from San Francisco regularly advertises the environmentally friendly orientation of XRP, calculating how many light bulbs can be powered by bitcoin miners.
As might be expected, Garlinghouse’s tweet was commented on by supporters of the Bitcoin Compass. Kraken’s strategist Pierre Roshar parried that cryptovoltaics have no carbon impact. Messari founder Ryan Selkis noted that launching Ripple nodes is much worse for the planet because they need a server farm:
„The impact on climate would be much worse if we all had to run Ripple nodes because they need an institutional server farm to audit the XRP registry, which only Ripple can afford.