- Climate groups would like Bitcoin to join Ethereum in switching from Proof of Work to Proof of Stake.
- The groups have announced a new $1 million ad campaign targeted at pressuring Bitcoin and companies like Fidelity, PayPal and Jack Dorsey’s Block to help push the agenda.
- Bitcoiners already scoffed at the calls when the campaign “Change the Code, Not the Climate” first launched in March.
It was inevitable, and it did.
A new campaign is underway targeting Bitcoin’s energy use as a proof-of-work (PoW) network. The debate has gained momentum after Ethereum launched the Merge to make it a proof-of–stake (PoS), software upgrade.
Vitalik Buterin, Ethereum’s co-founder, has confirmed that Ethereum will cut global energy consumption by 99.95%. Many environmental groups have called for Bitcoin to follow his lead.
Bitcoin is an ‘outlier’, group claims
A statement published on Thursday by the Environmental Working Group, says a $1 million ad campaign has been launched to push for a rethink of Bitcoin’s “outmoded” PoW consensus mechanism.
Apart from online advertisements, the initiative through Greenpeace is petitioning Fidelity Investments – which recently added Bitcoin to its clients’ retirement (401(k)) accounts – to push for a PoW-to-PoS transition for BTC. Other players mentioned in the release are PayPal and Jack Dorsey’s Block (formerly Square Inc.).
“Change the Code, Not the Climate” director Michael Brune said Bitcoin needs to look at the climate crisis and take its responsibility. He observed:
“With fires raging around the world and historic floods destroying lives and livelihoods, state and federal leaders and corporate executives are racing to decarbonize as quickly as possible. Ethereum has shown it’s possible to switch to an energy-efficient protocol with far less climate, air and water pollution. For years, other cryptocurrency protocols have used efficient consensus mechanisms. Bitcoin has become the outlier, defiantly refusing to accept its climate responsibility.“
According to the “Change the Code, Not the Climate” group, discussions involving Congress and the Biden administration are taking place as they try to push the campaign goal.
Bitcoiners already put it to the group after the $5 million anti BTC campaign’s launch in March that no such thing will happen. People pointed out that Bitcoin mining is already green all over the world.
Darin Feinstein, co-founder of Core Scientific, a blockchain-focused firm, explained why Greenpeace should be fighting for Bitcoin, and not against it. His tweet March
#Greenpeace Should be fighting to defend #Bitcoin #Bitcoin
The unbanked can bank
Private property is available to the oppressed
Reduces censored transactions
Allows everyone to possess money that is not debaseable
People are strengthened
Uses only.0014 of the planet’s energy pic.twitter.com/bFzgjxRJaw
— Darin Feinstein (@DarinFeinstein) March 29, 2022
So, will Ethereum’s merge give the “Change the Code, Not the Climate” campaign the thrust it hopes to get to make “the change” happen? .