Greenpeace Blasts Bitcoin, Says Ethereum Merge Proves Crypto ‘Doesn’t Have to Come at the Cost of the Environment’
Greenpeace has slammed Bitcoin (BTC) for its energy consumption following the successful Ethereum (ETH) merger, which cut its carbon emissions by more than 99%.
The environmental nonprofit plans to pour $1 million into its Change the Code, Not the Climate campaign for a spate of new online ads to advocate for changing the Bitcoin code, aiming to end the energy-intensive proof- Reduce of work by BTC (PoW) model.
Says Michael Brune, head of advertising campaigns,
“With fires raging across the world and historic floods destroying lives and livelihoods, state and federal leaders and corporate leaders are rushing to decarbonize as quickly as possible. Ethereum has shown that it is possible to move to an energy efficient protocol with far less climate, air and water pollution. Other cryptocurrency protocols have been working with efficient consensus mechanisms for years. Bitcoin has become an outlier and defiantly refuses to take its climate responsibilities.”
According to Greenpeace, the campaign also aims to draw the attention of high-profile Bitcoin supporters, including Fidelity Investments and Jack Dorsey’s Block, to join efforts to move away from “a high-energy proof-of-work protocol.”
Ethereum’s merger with its Beacon Chain transformed the second-largest cryptocurrency from a proof-of-work consensus model to a proof-of-stake model. According to a CCRI report commissioned by ConsenSys, a blockchain software company, the model change reduces Ethereum’s carbon emissions by an estimated 99.99%.
Meanwhile, outspoken Bitcoin supporter Michael Saylor defends BTC’s energy use in a new blog post, calling it the “most efficient and cleanest industrial use of electricity.”
The former CEO of business analytics firm MicroStrategy says his company’s analysis shows that about 59.5% of the energy used to mine Bitcoin comes from sustainable sources and that the energy efficiency of BTC mining has increased by 46% year-on-year improved.
Nor does it make sense to compare proof-of-stake networks to Bitcoin.
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