Changing the bitcoin code. Many are concerned that mining pollutes the environment. Therefore, activists want to change the principle of mining a digital asset.
Environmental communities and activists such as Greenpeace and cryptocurrency billionaire Chris Larsen are launching the “Change the Code, Not the Climate” campaign. It is designed to put pressure on the global crypto community and influence the change in the bitcoin code.
Changing the Bitcoin code: what is the problem with mining?
In the near future, bitcoin and cryptocurrencies may face a new wave of negativity. All because of their devastating impact on the environment. As a result, conservation organization Greenpeace and cryptocurrency billionaire Chris Larsen want to launch a massive media campaign.
It will put pressure on the crypto user community. In order for it to change the way transactions are processed and bitcoin itself is mined (the mining system). Bitcoin mining already consumes as much energy as Sweden (127 billion. kilowatt-hours). And in the coming years, the cost of mining can be compared with the annual electricity consumption in Germany (530 billion. kilowatt-hours). Larsen said that in five years Bitcoin could consume as much energy as Japan (850 billion. kilowatt-hours). The production of this amount of electricity has a negative impact on the environment.
What Will Happen During The Greenpeace Campaign?
As part of the campaign to change the bitcoin code, it is planned to buy advertising, primarily in leading publications during April.
Greenpeace, the Environmental Working Group and some local activist groups fighting bitcoin miners are also mobilizing millions of their employees to develop the campaign.
According to Michael Brune, who is in charge of the campaign, it has already reached dozens of key corporations. Some of them are related to bitcoins.
“We are running this campaign for the long term. However, we hope – especially since Bitcoin is now funded by organizations and individuals who care about climate change – that we can get leadership to agree that this is a problem that needs to be addressed. Mr Brun said. “Goldman Sachs, BlackRock, PayPal, Venmo, Fidelity – there are many companies that we expect to be helpful in this effort.”
Changing the bitcoin code: is it possible?
Greenpeace is counting on several factors to help its cause. First, there is growing frustration in some communities in the United States. They found themselves hosting bitcoin miners. They bring a lot of problems. Such as, for example, noise or energy consumption.
Secondly, the second most popular cryptocurrency, Etheteum, is switching to a different transaction processing method – Proof of Stake (PoS). It is harmless, first of all, to the environment. As a result, there is hope that similar changes can be made with bitcoin.
Source: bloomberg.com
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