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Climate activists call for changes in the Bitcoin code

 


The operation of computing parks for mining remains lucrative. According to estimates, Bitcoins worth around 15 billion euros were mined in the last year alone. However, the costs for the climate are just as gigantic as the profits of the miners. That is why climate activists have joined forces to promote a change to "Proof-of-Stake". Newspaper ads are currently being placed under the title “Change the Code, Not the Climate” so that the high level of electricity consumption caused by Bitcoin can soon be reduced. At the moment, the cryptocurrency consumes about as much energy as Sweden does in a year. So there is plenty of potential for savings.


This is one of the reasons why crypto billionaire Chris Larsen (Ripple) sees himself encouraged and is counting on a change in the Bitcoin protocol. If nothing changes, according to Larsen, cryptocurrencies will consume more electricity than all of Japan in 5 years. The environmental protection organization Greenpeace would also like to prevent this. It is unclear whether she will spend as much money as Larsen (5 million) to promote a turnaround in the industry.


one thing is certain:

There are already many cryptocurrencies that operate in a much more energy-efficient manner. These include Cardano (ADA) and Solana (SOL). As soon as Ethereum (ETH) switches to proof-of-stake, Bitcoin will finally fall behind, Larson suspects. If the second largest crypto changes the code base, up to 99% of the previous energy costs would be saved.


Change of heart among Bitcoin supporters?

The Bitcoin community is not known for being open-minded and innovative. It is all the more important for the activists to get strong support on board. Possible ideal partners include Paypal, Goldman Sachs, Black Rock and Fidelity - giants of the financial sector.

However, it is also clear that the battle cannot be won tomorrow or the day after tomorrow.


It is therefore important to raise awareness among as many large investors as possible about the poor climate balance of Bitcoin. Meanwhile, China is getting serious and banning bitcoin mining. However, this has not defused the situation. Instead of giving the climate a breather, mining capacity has been shifted to the US. According to industry insiders, a switch to proof-of-stake is rather unlikely.

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