Bitcoin mining uses more electricity than all the electricity that Sweden does, according to a report from the University of Cambridge. In a new campaign launched, a group of Bitcoin climate activists want to change their algorithm from Proof-of-Work to proof of stake To reduce climate consumption.
The campaign called “Change the code, not the climate” aims to get Bitcoin to change its algorithm, which will significantly reduce the competition for cryptocurrency mining. Ultimately, reducing carbon dioxide emissions from using expensive hardware to mine cryptocurrency.
According to a report cited by the Climate Team, Bitcoin could generate enough carbon dioxide emissions to warm the planet above 2 degrees Celsius, if adopted on a large scale. Bitcoin requires so much energy that “miners” are starting to buy American coal plants. “They are using crack gas and making deals with the Texas oil industry to use flare gas to fuel their operations,” the Climate Group said on its website.
Recently, Ethereum also announced a change in its code, Even the Dogecoin Foundation is working on Switch to PoSWhich can reduce power consumption by 99 percent. (But how will PoS change the power consumption pattern. Take a quick turn for us condition on PoS Staking.)
“This proof-of-work method, at least as it currently works, uses huge amounts of energy and is therefore a huge source of climate pollution. The group noted that as the price of bitcoin goes up, so does energy use.” If only 30 people agreed – major miners, exchanges , and the core developers who build and contribute to the Bitcoin code – on reinventing Proof of Work mining or moving to a low-power protocol, Bitcoin will stop polluting the planet. So why doesn’t Bitcoin change its code? “
According to Climate Group, changing the Bitcoin algorithm as a whole will render much of the expensive infrastructure worthless, which means that Bitcoin stakeholders will need to steer clear of massive costs — or find other creative solutions.
“We know that the crypto community is very much driven by a sense of progress, fairness, and goodwill. Many advocates are speaking out about tackling climate change,” the Climate Group added.
The group also highlighted that cryptocurrencies do not need a lot of energy to function. Many modern cryptocurrencies are low energy consumers or carbon neutral because they are used.
Meanwhile, the climate group called on loyal Bitcoin supporters such as Elon Musk of Tesla, Jack Dorsey of Block, Abby Johnson of Fidelity, BlackRock, Goldman Sachs, PayPal and many others to help “clean up Bitcoin”.
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