Ed Cooper, the crypto product owner for the challenger bank Revolut, feels that environmental worries around Bitcoin are unjustified.
Despite the fact that the Proof-of-Work (PoW) consensus process that Bitcoin (BTC) employs has been criticized for requiring a substantial amount of work, it continues to be used.
Cooper said at the Bloomberg Technology Summit on September 28 in London, “everyone is claiming that Bitcoin is awful because it consumes so much energy.”
He added: The Bitcoin network consumes less energy than washing machines and holiday lights combined.
PoW was shown to be the main driver of high energy use. The Ethereum Foundation says that moving Bitcoin away from the Proof-of-Work (PoW) protocol and toward the Proof-of-Stake (PoS) protocol will reduce energy usage by 99.95 percent.
Cooper may or may not have been joking when he said, “An ex-Revolut employee has now founded a renewable energy firm that will streamline Bitcoin mining.”
In particular, the challenger bank has made progress in its effort to expand its crypto offering, with Revolut gaining regulatory approval to offer cryptocurrency solutions to its 17 million users in Europe and the bank announced plans to increase its crypto personnel on the continent.
After a month of operation, Revolut stated in August that their crypto learning platform had acquired about 1.5 million users.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.