Ripple President Monica Long Compares the Energy Conservation Capabilities of XRP and Bitcoin

The debate between XRP and Bitcoin has been a long one as Ripple's vision for the blockchain spanned far beyond the initial expectations of cryptocurrencies.

In a recent video message, Monica Long, President of Ripple, highlighted the significant difference in energy consumption between Bitcoin and the XRP Ledger.

"It's no secret that Bitcoin uses a technology called Proof of Work, which is known for its energy footprint, which is why some chains like Ethereum and Cardano switched to Proof of Stake to reduce their footprint," Long stated.

She further explained that the XRP Ledger utilizes "its own flavor of a consensus algorithm," resulting in minimal energy usage compared to Bitcoin's Proof of Work. According to Long's estimations, the consensus algorithm employed by the XRP Ledger renders it approximately 120,000 times more energy efficient.

"In fact, to put it in perspective, the XRP Ledger is even more energy efficient than cash in its entirety due to the underlying technology and how transactions are closed out."

Highlighting the environmental aspect, Long added, "So it's a greener option than existing forms of money, and it's also more sustainable."

In a recent development, Monica, the President of Ripple, disclosed that the financial technology company has reached an agreement to acquire Hidden Road, a brokerage, clearing, and financing firm, for $1.25 billion.

According to a statement from the company on Thursday, the move is part of Ripple's strategy to integrate institutions into the metaverse.

Monica further explained that Hidden Road handles an annual volume of $3 trillion and is capable of handling even larger sums. In comparison, the entire crypto market, including Bitcoin, is said to process about $10 trillion annually.

Monica's comments come amid a broader discussion about the environmental impact of cryptocurrencies. Some critics have argued that Bitcoin's energy consumption is excessive and that it contributes to climate change. However, proponents of Bitcoin argue that its energy footprint is a factor in its security and decentralization.

As the crypto industry continues to grow, it is likely that the debate about the energy efficiency of different blockchains will become increasingly important. Ultimately, the goal should be to create a crypto industry that is both innovative and environmentally sustainable.