{"id":2919,"date":"2022-09-15T00:00:00","date_gmt":"2022-09-15T00:00:00","guid":{"rendered":"http:\/\/www-prod.greenpeace.org\/usa\/campaign-updates\/2919\/climate-groups-to-bitcoin-cut-the-pollution-and-the-b-s\/"},"modified":"2024-11-22T08:30:39","modified_gmt":"2024-11-22T08:30:39","slug":"climate-groups-to-bitcoin-cut-the-pollution-and-the-b-s","status":"publish","type":"post","link":"https:\/\/www.greenpeace.org\/usa\/climate-groups-to-bitcoin-cut-the-pollution-and-the-b-s\/","title":{"rendered":"Climate groups to bitcoin: Cut the pollution, and the B.S."},"content":{"rendered":"

Ethereum\u2019s energy-efficient \u2018merge\u2019 leaves bitcoin as lone cryptocurrency climate polluter while new $1M ad campaign, pressure on bitcoin investors to meet or beat ethereum\u2019s standard\u00a0<\/span>
Ethereum\u2019s long-awaited \u201cmerge\u201d to a proof of stake consensus mechanism uses 99.95 percent less energy, leaving bitcoin as the largest cryptocurrency using the outmoded high-energy proof of work consensus mechanism.\u00a0<\/span><\/p>\n

Ethereum\u2019s energy-efficient \u2018merge\u2019 leaves bitcoin as lone cryptocurrency climate polluter while new $1M ad campaign, pressure on bitcoin investors to meet or beat ethereum\u2019s standard\u00a0<\/p>\n

Ethereum\u2019s long-awaited \u201cmerge\u201d to a proof of stake consensus mechanism uses 99.95 percent less energy, leaving bitcoin as the largest cryptocurrency using the outmoded high-energy proof of work consensus mechanism.\u00a0<\/p>\n

WASHINGTON \u2013 As ethereum, the world\u2019s second largest cryptocurrency, dramatically cuts its climate pollution, environmental groups have intensified pressure on bitcoin to meet or beat ethereum\u2019s environmental performance. Ethereum\u2019s long-awaited \u201cmerge\u201d to a proof of stake consensus mechanism uses 99.95 percent less energy, leaving bitcoin as the largest cryptocurrency using the outmoded high-energy proof of work consensus mechanism.<\/p>\n

The \u201cChange the Code, Not the Climate<\/a>\u201d campaign will now intensify its efforts with $1 million in new online advertisements<\/a>, and Greenpeace launched a petition<\/a> calling on Fidelity Investments to push bitcoin to follow ethereum\u2019s lead in switching to an energy-saving protocol that dramatically reduces the cryptocurrency\u2019s contribution to the climate crisis.<\/p>\n

\u201cWith fires raging around the world and historic floods destroying lives and livelihoods, state and federal leaders and corporate executives are racing to decarbonize as quickly as possible. Ethereum has shown it\u2019s possible to switch to an energy-efficient protocol with far less climate, air and water pollution. Other cryptocurrency protocols have operated on efficient consensus mechanisms for years. Bitcoin has become the outlier, defiantly refusing to accept its climate responsibility,\u201d said Michael Brune, director of the \u201cChange the Code, Not the Climate\u201d campaign.<\/p>\n

The \u201cChange the Code, Not the Climate\u201d campaign launched in March to advocate for a bitcoin code change that would throttle back the enormous electricity consumption of its miners. Prior to the campaign launch, there was little national attention to bitcoin\u2019s environmental, social and economic impacts, including ratepayers\u2019 subsidizing miners to pause operations to prevent grid blackouts, by federal and state policy makers. The landscape is now shifting. Campaign representatives are in active discussions with key members of Congress and the Biden administration. Lawmakers are considering legislation, including mining moratoriums, that would increase transparency about mining operation locations, sources of energy used, and emissions for each operation. President Biden signed an executive order<\/a> in March that highlighted the connection between cryptocurrency mining and the climate crisis.<\/p>\n

The campaign is urging the biggest corporate partners and institutional investors \u2013 Fidelity Investments, PayPal and Jack Dorsey\u2019s Block, among others \u2013 to push bitcoin to move away from a high-energy proof of work protocol. The ethereum merge puts more pressure on these investors to use their financial clout for the climate and to help local communities suffering from bitcoin mining operations.<\/p>\n

Quote from Ken Cook, president, Environmental Working Group<\/i><\/b><\/p>\n

\u201cEthereum has proven it\u2019s possible to take the leap and change its protocol to a less electricity-intensive method by switching to proof of stake and dramatically lowering its energy use and the greenhouse gas pollution associated with dirty protocols like proof of work. It\u2019s time bitcoin and its biggest investors take similar steps to reduce its heavy reliance on dirty electric grids and cheap fossil fuel energy sources \u2013 or risk being the cryptocurrency of the past.\u201d<\/p>\n

Quote from Rolf Skar, special project manager, Greenpeace USA<\/i><\/b><\/p>\n

\u201cWe\u2019re in a climate crisis and everyone has a responsibility to act. With ethereum\u2019s move to an energy-efficient protocol, it\u2019s time for bitcoin to change. Companies promoting and profiting from bitcoin, like Fidelity Investments, BlackRock, Paypal and Block, have a responsibility to be a part of building a better, climate friendly bitcoin.\u201d<\/p>\n

Quote from Lane Boldman, executive director, Kentucky Conservation Committee<\/i><\/b><\/p>\n

\u201cIf ethereum can change its code to cut air pollution and climate disruption, why can\u2019t bitcoin? Kentuckians in coal mining communities have suffered greatly in recent weeks from deadly floods, intensified by unreclaimed and abandoned mineland from fossil fuel extraction, and have been dealing with the impacts for more than a century while the wealth goes elsewhere. It\u2019s unacceptable that a supposedly \u2018innovative\u2019 technology like bitcoin is unnecessarily extending the life of fossil fuels through this wasteful process that impacts our air and our land.\u201d<\/p>\n

Quote from Robert Altenburg, senior director for energy and climate, PennFuture\u00a0<\/i><\/b><\/p>\n

\u201cWe applaud ethereum\u2019s move to a much more efficient validation system. Here in Pennsylvania where bitcoin largely relies on burning coal waste, we have experienced the worst that bitcoin has to offer. Cryptominers don\u2019t pay the very real costs of public health and environmental damage caused by the air pollution they create \u2013instead the vulnerable communities near these operations pay the price. Worse still, bitcoin miners are using these old, polluting coal plants to power their operations because we \u2013 the taxpayers and ratepayers \u2013 are heavily subsidizing them.\u201d<\/p>\n

About Change the Code, Not the Climate<\/b><\/p>\n

Change the Code, Not the Climate is a campaign launched by the Environmental Working Group, Greenpeace USA, and several local organizations to push bitcoin, its miners and investors to support a change in software code that can shed the intensive use of and reliance on dirty sources of electricity.<\/p>\n

# # #<\/p>\n","protected":false},"excerpt":{"rendered":"

Ethereum\u2019s energy-efficient \u2018merge\u2019 leaves bitcoin as lone cryptocurrency climate polluter while new $1M ad campaign, pressure on bitcoin investors to meet or beat ethereum\u2019s standard\u00a0 Ethereum\u2019s long-awaited \u201cmerge\u201d to a…<\/p>\n","protected":false},"author":1,"featured_media":11167,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"ep_exclude_from_search":false,"p4_og_title":"","p4_og_description":"","p4_og_image":"","p4_og_image_id":"","p4_seo_canonical_url":"","p4_campaign_name":"","p4_local_project":"","p4_basket_name":"","p4_department":"","footnotes":""},"categories":[209],"tags":[91,50,51],"p4-page-type":[33],"class_list":["post-2919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-campaign","tag-ethereum","tag-bitcoin","tag-blackrock","p4-page-type-press-release"],"yoast_head":"\nClimate groups to bitcoin: Cut the pollution, and the B.S. - 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