Climate Group Launches New Campaign Against Bitcoin Mining

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  • Climate groups want Bitcoin to follow Ethereum to switch from Proof-of-Work to Proof-of-Stake consensus mechanism.
  • The groups have announced a new $1 million ad campaign aimed at pressuring Bitcoin and companies such as Fidelity, PayPal and Jack Dorsey’s Block to help push the agenda.
  • Bitcoiners already scoffed at the calls when the “Change the Code, Not the Climate” campaign was first launched in March.

It was coming and it is.

A new campaign is underway that focuses on Bitcoin’s power consumption as a proof-of-work (PoW) network. The debate is gaining momentum after Ethereum finally launched its software upgrade through the Merge to become a proof-of-stake (PoS) blockchain.

And as Ethereum cuts its energy consumption by 99.95%, which Ethereum co-founder Vitalik Buterin has confirmed will reduce global consumption by 0.2%, many environmental groups want Bitcoin to follow suit.

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Bitcoin is an ‘outlier’, the group claims

A statement released Thursday by the Environmental Working Group says a $1 million ad campaign has been launched to push for a rethink of Bitcoin’s “outdated” PoW consensus mechanism.

Aside from online advertising, the initiative is calling through Greenpeace Fidelity Investments – which recently added Bitcoin to its clients’ retirement accounts (401(k)) – to push for a PoW-to-PoS transition for BTC. 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 responsibility. He noticed:

With fires raging around the world and historic floods ravaging lives and livelihoods, state and federal leaders and business leaders are rushing to decarbonise as quickly as possible. Ethereum has shown that it is possible to switch to an energy-efficient protocol with much less climate, air and water pollution. Other cryptocurrency protocols have been operating on efficient consensus mechanisms for years. Bitcoin has become the outlier, defiantly refusing to accept its climate responsibility.

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According to the “Change the Code, Not the Climate” group, discussions are underway involving Congress and the Biden administration as they attempt to achieve the campaign goal.

Bitcoiners have already told the group after launching the $5 million anti-BTC campaign in March that no such thing will happen. In fact, people pointed out that Bitcoin mining is already going green all over the world.

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Darin Feinstein, the co-founder of blockchain-focused company Core Scientific, explained why Greenpeace should have been fighting for Bitcoin, not against it. To be tweet in March:

So, will Ethereum merge the “Change the code, not the climatecampaign the momentum it hopes to get to make “the change”? .