On Thursday, prominent entrepreneur, investor and Bitcoin influencer Anthony Pompliano (aka Pomp) went on CNN to discuss Elon Musk's sudden move to quit selling Tesla cars for Bitcoin.
"XRP is 'cleaner' than Bitcoin": statement Pomp was unable to contradict
Host Julia Chatterley assumed that currencies like XRP or Ethereum are not mineable and, therefore, are 'cleaner' and 'greener' than Bitcoin, and Pompliano was unable to beat that with his argument about money being stored energy.
Despite his long speech about 75 percent of BTC miners producing Bitcoin using some sort of renewable energy sources and 50 percent using only renewable energy sources, Julia reminded Pomp that such cryptocurrencies as XRP do not require any mining at all, so it does not waste energy, renewable or not.
She also mentioned Ethereum. However, ETH is a mined, proof of work (PoW) cryptocurrency, and shifting to a proof of stake (PoS) algorithm is only planned when the blockchain fully implements all the stages of the Ethereum 2.0 upgrade.
Tesla and the "clean" Bitcoin mining theory
When the conversation moved back to Tesla dropping Bitcoin payments and what motives might drive Elon Musk to do that, the host said that neither Tesla nor Musk have sold their Bitcoin holdings.
Pompliano reckons that, in the future, Tesla is likely to come up with a Bitcoin mining product that will use 100 percent renewable energy. So far, he said, Elon Musk has been just focusing on this problem in order to offer a solution later on.
He even assumed that the Tesla CEO likely bought the Bitcoin dip after the asset plunged to the $47,000 level on his own tweet.
At the moment, Pomp added, 65 percent of all BTC mining is done in China, using energy from fossil fuels like oil and coal that produce heavy emissions.
But now this majority is gradually moving to the U.S. and Canada: regions where clean energy is easier to find and encouraged as well.
China seeks to ban high energy consuming projects
Meanwhile, as reported by U.Today earlier, the head of the Chinese Communist Party, Xi Jinping, has announced that the country will be targeting the standard of lower emission rates.
Companies with high energy consumption that are unable to live up to the new standards will be banned.