The campaign to change the bitcoin code to decrease its energy use will be reigniting its efforts after ethereum’s move to a less energy-intensive protocol.Read MoreCoinDesk
Environmental groups pledged to spend another $1 million on online ads to pressure the bitcoin community to change the network’s code in order to reduce energy consumption.
Earlier on Thursday, the Ethereum blockchain – which underpins the world’s second largest cryptocurrency – changed its consensus mechanism from proof-of-work (PoW) to proof-of-stake (PoS), doing away with the need for energy-intensive computing power. Bitcoin, a PoW network, has been facing mounting criticism over its energy use, which is on par with some small countries. These criticisms were echoed in part in a report on bitcoin mining published by the White House last week.
“Ethereum’s energy-efficient ‘merge’ leaves bitcoin as lone cryptocurrency climate polluter,” wrote Environmental Working Group (EWG) in a Thursday statement, which along with Greenpeace USA, Ripple co-founder Chris Larsen and other small environmental organizations launched a campaign to change the bitcoin code earlier this year.
On top of the new ad funds, Greenpeace USA started an online petition calling on multi-trillion-dollar asset manager Fidelity Investments to help take the lead in pushing Bitcoin to switch to PoS.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
TL;DR Aave Labs has proposed onboarding Circle Wrapped Bitcoin, or cirBTC, to Aave V3 Core…
Bitcoin Magazine Standard Chartered Calls Crypto Bottom as Bitcoin Price Recovers From $59,000 Low Standard…
Senior market analyst Geoffrey Kendrick pointed to the SpaceX IPO and a potential U.S.-Iran peace…
Bitcoin ETF investors have pulled billions this year, but the broader crypto ETF market remains…
Bitcoin Magazine SpaceX Officially Joins Public Bitcoin Leaderboard as 8th Largest Holder With 18,712 BTC…
TL;DR Coinbase’s Quantum Advisory Council says post-quantum migration planning should begin before quantum attacks become…