Ripple Co-Founder Donated $5 Million

Ripple co-founder Chris Larsen donated $5 million. The amount of donations attracted attention.

Chris Larsen made a remarkable donation. Larsen made a donation of $5 million to a startup environmental campaign that wanted to change Bitcoin's code. The consortium of environmental groups aims to persuade miners, software developers and others to abandon the 'proof of work' mechanism by using the funds. There is a consortium of environmental groups against Bitcoin mining. This consortium wants to encourage people to abandon the 'proof of work' mechanism. The last donor of the consortium was Ripple co-founder Chris Larsen. Bitcoin's proof-of-work requires the network users to compete for permission to create the next block, solving a rather difficult math problem. The winner will be rewarded with newly minted Bitcoin as well as revenue from the network's post-transaction fees. Of course, it is necessary to use more energy to solve the problem. In general, the purpose of the mechanism is to make it costly for users to suggest a block in the first place and to encourage them to propose blocks in accordance with the rules of the network. This rivalry in the middle has been instrumental in opening huge Bitcoin mining facilities all over the world. According to CCAF statistics, these facilities produce a cumulative 136.79 terawatt-hours of electricity per year. Because of all this, the concern of environmentally conscious people in crypto, business and politics has also increased. Chris Larsenn is one of them. The Ripple co-founder also wrote an article last year advocating for Bitcoin to switch to a lower energy verification method.