Greenpeace Blasts Bitcoin, Says Ethereum Merge Proves Crypto ‘Doesn’t Have to Come at the Cost of the Environment’
Greenpeace slams Bitcoin (BTC) for its energy use after the successful Ethereum (ETH) merger that reduced carbon emissions by more than 99%.
The eco-friendly nonprofit plans to sink $1 million into its “Change the Code, Not the Climate” campaign for a series of new online ads to advocate for a change in Bitcoin’s code aimed at reducing BTC’s energy-intensive proof-of-work (PoW) model.
Says Michael Brune, director of the advertising campaign,
“With fires raging around the world and historic floods destroying lives and livelihoods, state, federal and business leaders are scrambling to decarbonize as quickly as possible. Ethereum has shown that it is possible to switch to an energy-efficient protocol with far less climate, air and water pollution. Other cryptocurrency protocols have operated on efficient consensus mechanisms for years. Bitcoin has become the ultimate, defiantly refusing to accept its climate responsibility.”
Greenpeace says the campaign is also aimed at calling the attention of high-profile Bitcoin supporters, including Fidelity Investments and Jack Dorsey’s Block, to join the effort to move away from “a high-energy proof-of-work protocol. “
Ethereum’s merger with Beacon Chain transformed the second largest cryptocurrency from a proof-of-work consensus model to a proof-of-stake model. The change in models reduces Ethereum’s carbon emissions by an estimated 99.99%, according to a CCRI report commissioned by ConsenSys, a blockchain software company.
Meanwhile, outspoken Bitcoin supporter Michael Saylor defends BTC’s energy use in a new blog post calling it the “most efficient, cleanest industrial use of electricity.”
The former CEO of business analytics firm MicroStrategy says his company’s analysis shows that roughly 59.5% of Bitcoin mining energy comes from sustainable sources, and that BTC’s mining energy efficiency improved by 46% year-over-year.
He also makes no sense to compare proof-of-stake networks to Bitcoin.
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