Chris Larsen (the executive chairman and co-founder of Ripple), Greenpeace, as well as a few others among the climate groups have initiated a unique campaign targeted at modification of BTC (Bitcoin) to utilize an additionally eco-supportive consensus model. The objective of the campaign is to compel the chief industry frontrunners, BTC miners, as well as the influencers such as Jack Dorsey and Elon Musk to devise an exclusive consensus model for the primary crypto token.
It stated that if just 30 out of the chief exchanges, core developers, as well as key miners (contributing to the code of Bitcoin) consent to modify the proof-of-work model to an energy-effective protocol, BTC would no more pollute the world. Greenpeace refers to the apprehensions regarding the requirement of the huge amount of energy for Bitcoin mining (which is majorly taken out of fossil fuels) and the utilization of coal waste along with natural gas to be the methods that the miners use for their activities.
For seven years, Greenpeace embraced BTC donations from 2014 to 2021 in advance of declaring that it was quitting Bitcoin donations due to environmental apprehensions. Simultaneously, Elon Musk – the CEO of Tesla – denied accepting BTC for payments for Tesla products. ETH (Ethereum) which is presently dependent on the very proof-of-work consensus mechanism like BTC, is finalizing its complicated and lengthy process.
According to Greenpeace, proof-of-stake counts as considerably less threatening for the environment because of its energy effectiveness. At present, with the evolution of Ethereum, BTC is considered to be an outlier, as expressed by Larsen on 29th March while appearing in an interview with Bloomberg. He added that a few of the latest protocols such as Cardano and Solana are constructed on an energy-effective structure.
Larsen revealed to have funds in Ethereum and Bitcoin and he wishes that both cryptocurrencies should prosper, however, BTC is moving in an unsustainable way. a few among the biggest BTC mining firms possess more than 5,000 Bitcoin, above $237M at the present value, and data indicates that the hash rate of those which have a majority of BTC reserves is escalating.
In the manifesto thereof, Greenpeace notes that they know about the privilege of the BTC stakeholders for not making any changes, because their luxurious instruments would become less valuable, signifying low costs or the rest of the creative solution would require to be executed.