Source: Thought Catalog – Unsplash
- Greenpeace criticizes Bitcoin for its high energy consumption.
- Bitcoin advocate Michael Saylor defends Bitcoin’s energy use.
After the success of the Ethereum Merge, environmental non-profit Greenpeace criticized Bitcoin for its high rate of consumption. One of the reasons for integrating Ethereum is to achieve a significant reduction in carbon emissions. According to Greenpeace, it has an advertising budget of $1 million, and is geared toward the “Change the code, not the climate” campaign.
The campaign will be batches of new online ads that seek to change the Bitcoin token and reduce the high rate of energy consumption. Analysts have often reiterated that Bitcoin’s Proof of Work model is intense and high-powered. Advertising campaign manager Michael Brown said corporate executives and state and federal authorities aim to decarbonize as quickly as possible to stop the historic wildfires and floods affecting the world.
Bronn further said that Ethereum has demonstrated that switching to an energy-efficient protocol is feasible. Thus, water, air and climate are less polluted. Bronn added that it was time for Bitcoin to accept its climate responsibility by switching to an effective consensus mechanism like other crypto protocols it had been doing for many years.
Greenpeace says the campaign also aims to attract the attention of popular Bitcoin advocates such as Jack Dorsey’s Block Investments, Paypal and Fidelity. Thus, these Bitcoin advocates can make an effort to push for Bitcoin to become a more energy-efficient protocol.
Vulnerable communities close to crypto mining operations are paying the real costs, said Robert Altenberg, senior director at Pennfuture (a nonprofit company focused on the clean energy economy and protecting land, air, and water in Pennsylvania). They suffer public health and environmental damage from air pollution caused by miners.
The worst case, he added, is that bitcoin miners are using old and polluting coal plants for their operations because taxpayer money largely subsidizes this energy source. The merger, which took place on September 15, saw Ethereum (the second largest cryptocurrency) transform into a Proof of Stake (PoS) consensus. A CCRI report certified by blockchain software company, Consensys, states that switching to the PoS model will reduce Ethereum’s carbon emissions by nearly 99.99%.
Michael Saylor Defends Bitcoin’s Energy Use
Meanwhile, Bitcoin vocal proponent Michael Saylor claims that Bitcoin’s energy use is the cleanest and most efficient industrial use of electricity. Saylor wrote a detailed blog post to explain his reasons. The founder of business analytics firm Microstrategy said that his company’s analysis revealed that 59.5% of the energy for bitcoin mining comes from sustainable sources.
He added that there was a 46 percent annual improvement in energy efficiency in bitcoin mining. Saylor also said that there is no basis for comparing Bitcoin and Proof of Stake networks. According to him, bitcoin mining (Proof of Work), when fairly published, is the only surefire way to create a digital good.
#Bitcoin #BTC #meet #Ethereum #ETH #standards #lose