Ripple co-founder and Greenpeace start a campaign to make Bitcoin stop using proof-of-work algorithm
According to Bloomberg, Greenpeace and Ripple co-founder Christopher Larsen are starting a campaign called “Change the Code, Not the Climate” to push the Bitcoin community to adopt a less energy-intensive transaction verification against the Proof-of-Work algorithm (PoW).
Ripple co-founder Chris Larsen and Greenpeace Start Campaign to Make Bitcoiners Give up PoW
In addition to Greenpeace, several other climate activist groups have joined the initiative. According to Larsen, the amount of electricity Bitcoin miners are consuming right now is equal to the amount of electricity consumed by Sweden. In five years, it will be equivalent to the amount of electricity used by Japan.
Several climate activist groups including Greenpeace and Ripple co-founder Chris Larsen are launching a “Change the Code, Not the Climate” campaign, designed to pressure the Bitcoin community to alter the POW code. https://t.co/afJ3svkIiy
— Wu Blockchain (@WuBlockchain) March 29, 2022
Bloomberg reports that throughout April, the Environmental Working Group, Greenpeace, and several smaller environmental groups will buy ads in major media. They are also trying to convince Bitcoin miners to give up using PoW, mobilizing their army of members.
Campaigners contacted major individuals and corporations in the BTC mining sector with these efforts. Michael Brune, the former CEO of Club Sierra, is leading the campaign mentioned above to get the BTC community to change its verification algorithm.
Brune believes that as many environmentally concerned high net worth companies and individuals invest in Bitcoin, a positive outcome is achievable. They can convince leaders among invest that this key issue must be addressed.
Brune believes that many companies currently working with Bitcoin, such as PayPal, its Venmo app, Goldman Sachs, and more, could eventually be useful here.
Chris Larsen also contributed to the $5 million campaign. He and others who are leading this initiative refer to his plans to move to Ethereum’s proof-of-stake algorithm as an example for Bitcoin.
The Ethereum to PoS transition, which has taken years and is expected to happen in a few months, could reduce energy consumption by 99%.
Larsen says he wants BTC and ETH to be successful. He owns both, in addition to XRP.
However, some experts are skeptical about the Bitcoin community opting for proof of stake over proof of work. Among them is Chris Bendiksen from CoinShares.
He suggested that the percentage of Bitcoiners who want to switch to PoS is close to zero because they wouldn’t want to “destroy the security of the protocol.” Besides, the big miners already made around $15 billion in 2021, and they will need similar incentives to abandon the proof-of-work mechanism.
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