Environmental advocacy groups are exerting more pressure on Bitcoin (BTC) to improve its environmental performance to the same level as Ethereum (ETH), the second-most popular cryptocurrency in the world, which has lately reduced its contribution to climate change.
As a consequence of Ethereum’s long-awaited Merge upgrade to a consensus mechanism based on Proof-of-Stake (PoS), which takes 99.95% less energy, Bitcoin will continue to be the largest cryptocurrency using the old proof of work consensus technique, which consumes a substantial amount of energy.
Greenpeace has initiated a petition urging Fidelity Investments to encourage Bitcoin to adopt the same energy-saving protocol as Ethereum, thereby significantly reducing Bitcoin’s impact on climate change.
In a news statement, Michael Brune, director of the “Change the Code, Not the Climate” campaign. The “Modification the Code, Not the Climate” campaign was launched in March with the goal of lobbying for a change to the code that supports Bitcoin that would significantly lower the amount of energy its miners use.
Prior to the launch of the campaign, federal and state governments gave little attention to the environmental, social, and economic ramifications of Bitcoin. This method includes ratepayers funding miners to suspend operations in order to prevent grid interruptions.
Campaign representatives are now engaged in constructive discussions with prominent members of Congress and administration officials. Legislators are considering the adoption of new regulations, such as mining moratoriums, that would encourage transparency about the sites of mining activities, the energy sources employed, and the emissions created by each activity.
In March, President Biden signed an executive order that highlighted the connection between cryptocurrency mining and the global climate crisis. However, Robert Kiyosaki, author of the personal finance book Rich Dad, Poor Dad, said that the measure “sounds like Big Brother on steroids.”
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