Sam Bankman-Fried announces FTX is carbon neutral on CNBC
FTX CEO Sam Bankman-Fried appeared on CNBC today. He announced that his trading platform has gone carbon-neutral as part of the "FTX Climate" initiative, pointing out that Bitcoin and Ethereum are the two blockchains with the highest energy consumption.
FTX invested at least $1 million in permanent carbon capture and storage
With the "FTX Climate" initiative, the company has invested at least $1 million in permanent carbon capture and storage and given about $500k to other research efforts to mitigate climate change.Sam told CNBC that he thinks "it's the responsible thing to do to mitigate, to the extent you can-the short-term impact." Still, he also points out that doing so is "not free" and facilitates FTX transactions, and at the same time chose to point to Bitcoin and Ethereum as the two most energy consuming cryptocurrencies.
"There are only two major cryptocurrencies that have large energy usage"
I think the other side of this is that when you look at the energy uses of cryptocurrencies, there are only two major cryptocurrencies that have large energy usage -it's Bitcoin and Ethereum, now they are the two biggest. The reason is that those are the two proof-of-work (PoW) currencies, and proof-of-work is where all the energy usage comes from," Bankman-Fried told the interviewer.He also explained that with Ethereum moving to Proof-of-Stake (PoS), Bitcoin would be the only major energy user in the crypto space.
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