Climate groups say change in coding could reduce bitcoin power consumption by 99% | Bitcoin

Bitcoin mining already uses the same amount energy like swedenAccording to some reports, its growing popularity is revitalizing failed fossil fuel enterprises in the United States. But all of that can change with a simple switch in the way it’s coded, according to a campaign launched on Tuesday.

The campaign called Change the blog, not the climate Coordinated by the Environmental Working Group, Greenpeace USA and the many groups battling bitcoin mining facilities in their communities, bitcoin is calling for a change in the way bitcoin is mined in order to tackle its huge carbon footprint.

The software code that Bitcoin uses – known as “Proof of Work” – requires the use of massive computer arrays to verify and secure transactions. Proof of Work is a way to verify that a miner has solved the very complex cryptographic puzzles needed to be added to the Bitcoin ledger.

Rival cryptocurrency Irium switches to another system “Proof of Stake” – She thinks it will reduce her energy consumption by 99%. In the Proof of Stake form, miners pledge their coins to verify transactions; Adding inaccurate information leads to penalties.

As the value and use of cryptocurrencies rise, campaign organizers argue that bitcoin should follow suit or find another, less energy-intensive, method. “And this is a big problem. Partly because of where the industry is now but also because of our concerns about its growth,” said Michael Brun, campaign manager and former CEO of Sierra Club.

United States now leads the world In cryptocurrency mining after China launched a file repression On mining and trading last May.

See also  How Elon Musk, SpaceX, and T-Mobile Help Business from Satellite to Cell

“Coal plants that were dormant or scheduled to close are now being revived and dedicated solely to bitcoin mining. Gas stations, which were in many cases increasingly economically uncompetitive, are now being dedicated to bitcoin mining. We are seeing this all over the world,” said Brun. country”.

“It’s especially painful to see this in the electricity sector because that’s exactly where the United States has made the most progress in the past decade,” Brown added. “There is no way we can achieve our climate goals if we are working to revive fossil fuel stations.

Some Bitcoin miners started recently run their operations Using renewable energy from wind and solar energy. But Brune said that while such moves were “obviously well-intentioned,” adding “some small wind or solar powering some high-profile mining operations” would not do enough to address the environmental cost. “Fossil fuel growth is outstripping renewable growth in bitcoin mining and that is the primary challenge,” Brun said.

Chris Larsen, founder and CEO of cryptocurrency firm Ripple and climate activist said that without changing the code, the fundamental problem will remain that the Bitcoin code “spurs maximum energy use.” “The moment there is a chance to go into something sloppy, which you see, it will happen.”

He said one of the “terrifying scenarios” is that the world reaches a renewable future in China, the United States and the European Union, but that fossil fuel-rich countries are turning to bitcoin mining to keep their operations running.

“Imagine the Saudis sitting on all that oil, which costs about a cent per kilowatt-hour — no renewable energy can match that,” Larsen said. “Bitcoin mining could be an endless drive for fossil fuel monetization. That would be a nightmare.”

See also  The S&P 500 and the Nasdaq closed higher on Friday, but are falling for the third week in a row

The campaign kicks off with digital ads in the Wall Street Journal, New York Times, Market Watch, Politico, Facebook and other publications. Regulators are also taking legal action against proposed mining sites and using their large memberships to push the biggest bitcoin investors and influencers to advocate for the code change. “In this world, with all these smart people, there has to be a better solution,” Larsen said.

Leave a Reply

Your email address will not be published. Required fields are marked *