Crypto: Bitcoin in the sights of Greenpeace

29 mars 2022

Greenpeace believes the cryptocurrency community needs to "clean up bitcoin". The environmental organization has launched a new initiative called "Change the code, not the climate" in an effort to convince the Bitcoin community to abandon its Proof-of-Work consensus mechanism.

According to Greenpeace, bitcoin has become a major player in the climate crisis. Indeed, according to a study by the Cambridge Center for Alternative Finance, bitcoin mining consumes more energy than Sweden.

The organization adds that bitcoin harms the environment by “reviving fossil fuels.” She adds that bitcoin is "a huge source of climate pollution" and claims that its energy consumption would increase along with its market price.

Greenpeace's campaign argues for proof-of-stake over proof-of-work and makes specific reference to Ethereum, which is expected to adopt the more energy-efficient consensus mechanism later this year. He claims that Proof-of-Stake is "a better model" and notes that Bitcoin could reduce its energy consumption by 99.9% by making the same change.

The NGO also referenced Bitcoin miners, saying they have "an incentive not to switch" because a move away from Proof-of-Work would render their infrastructure useless.

Bitcoin's energy consumption has become a hot topic since cryptocurrencies are gaining more and more mainstream attention. Its detractors often point to the environmental impact of mining to criticize crypto as an asset class.