Bitcoin Is Lagging In The Fight Against Climate Change – Greenpeace
As a result of the failure of most Bitcoin affiliate organizations to address the apparent issue, Greenpeace USA’s Rolf Skarr claimed that Bitcoin was “late” on the subject.
The well-known environmental group also criticized the approach taken by several Bitcoin-related entities toward this ever-concerning issue of climate change. In its latest press release, the group said most influential figures in the Bitcoin ecosystem deny that there is ever a problem.
Bitcoin evokes a range of emotions in people. The cryptocurrency started it all, the source of many jokes, inquiries, questionable compensation decisions, and a promise of financial revolution.
Greenpeace USA Director of Special Projects Rolf Skaar commented, “while others in the cryptocurrency sector seek to address the environmental crisis, Bitcoin is lagging further behind.”
He further said, “other crypto-technologies have evolved into more effective and sophisticated strategies for resolving historical climate pollution. However, Bitcoin “mining” has been worse in recent years with coal as the primary source of electricity.”
The group is calling for a change in the way Bitcoin works. It proposed a shift from the current Proof-of-Work consensus method to the less resource-intensive Proof-of-Stake consensus.
The World Economic Forum (WEF) also supports this initiative through its Change the Blog, Not the Climate campaign. Nevertheless, crypto-mining activities remain a huge discussion topic.
Some countries, such as El Salvador, have embraced Bitcoin unreservedly. They claim it will increase financial access for their residents.
However, others have banned it outrightly, citing its potential for illicit activities.
Ethereum Is Steadily Becoming a Climate Friendly Asset
On the other hand, Ethereum is currently seen as a more environmentally-friendly blockchain due to its recent PoS switch. Skarr referred to the recently introduced Ethereum Climate Platform as “an example of crypto platforms taking the initiative to address the climate catastrophe.”
Before the switch to a Proof-of-Work consensus, a group of Web3 companies formed the Ethereum Climate Platform to determine the environmental impacts of Ethereum’s activities.
The group, which includes top tech and ICT-related companies, aims to fund relevant causes that utilize existing technologies to accomplish decarbonization.
Such causes include carbon removal, heating, and cooling, as well as green and carbon-neutral hydrogen energy options.
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