The leading asset of the crypto world Bitcoin (BTC) According to many investors, it acts as a digital gold. On the other hand, Bitcoin’s energy consumption is really high and this is a situation that disturbs many important institutions such as environmental groups and governments.
Co-founder and chairman of Greenpeace, other climate groups and Ripple Chris Larsen launched a new campaign aimed at turning Bitcoin (BTC) into a greener consensus model. The “Change the Code, Not the Climate” campaign aims to move key industry leaders, Bitcoin miners, and influencers like Elon Musk and Jack Dorsey to a new consensus model.
Greenpeace, the Environmental Working Group and other organizations will advertise in media outlets such as the New York Times.
Politico and The Wall Street Journal highlight Bitcoin’s impact on the environment and advocate change. The campaign will be funded by Ripple co-founder Chris Larsen. Larsen stated that he will offer a $5 million grant to the campaign.
Bitcoin Will Switch from PoW to PoS
The goal in this project is to persuade Bitcoin investors and supporters to change the code of the network and to remove the “Proof of Work” mechanism that requires Bitcoin miners to expend a certain amount of energy while processing transactions to earn rewards in the newly created Bitcoin.
Current energy consumption is actually an important mechanism to defend against future attacks on the network. With the advantage of being an open source project, anyone can run Bitcoin software. However, the network requires large amounts of processing power to thwart attacks.
Cambridge Center for Alternative Finance estimates that the Bitcoin network consumes slightly more energy (134.9 terawatt hours per year) than Norway (124.3 terawatt hours).
The Ethereum network is another network that uses Proof of Work, but the network has already initiated transactions for the transition to the “Proof of Stake” system. The application, which has been delayed several times for technical reasons, aims to reduce Ethereum’s energy consumption by 99 percent.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.