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Greenpeace, co-founder of Ripple, campaigning to change the Bitcoin code

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Greenpeace, along with other climate groups and Ripple co-founder and CEO Chris Larsen, have launched a new campaign aimed at changing Bitcoin (Bitcoin) to a greener consensus model.

“Change the code, not the climate” campaign aims to pressure key industry leaders, bitcoin miners and influencers like Elon Musk and Jack Dorsey to move to a new consensus model stating:

“If just 30 people — the key miners, exchanges, and core developers who create and contribute to bitcoin’s code — agreed to reinvent proof-of-work mining or move to a low-energy protocol, bitcoin would stop destroying the planet to pollute.”

Greenpeace raises concerns that the energy needed to mine Bitcoin comes primarily from fossil fuels, viz Miners use coal waste and associated natural gas as a means to fuel their operations.

Greenpeace accepted bitcoin donations for seven years between 2014 and May 2021 before announcing it Stop accepting Bitcoin donations, citing environmental concerns. Around the same time Tesla CEO Elon Musk stopped accepting bitcoin Payments for Tesla vehicles too.

ether (ETH), which currently relies on the same proof-of-work mechanism as Bitcoin, is in the final phase a lengthy and complicated process to a new proof-of-stake mechanism. Greenpeace says Proof-of-Stake is much less polluting due to its lower energy consumption.

“Now that Ethereum is changing, Bitcoin is really the outlier,” Larsen said Bloomberg in an interview published on March 29. “Some of the newer protocols, Solana and Cardano, are built on low power,” he added.

Larsen explained that he owns Bitcoin and Ethereum and wants to see the success of both cryptocurrencies, but that Bitcoin is taking an unsustainable path. He added that if he had concerns about bitcoin as a competitor to Ripple, he would let it continue.

Related: In Defense Of Crypto: Why Digital Currencies Deserve A Better Rep

Some of the largest bitcoin mining companies hold more than 5,000 BTCmore than $237 million at current prices, and data shows that those with the most bitcoin reserves are increasing their hash rate.

Greenpeace notes this in its manifesto, saying they understand that bitcoin stakeholders have an incentive not to change, as switching from bitcoin would make their expensive equipment much less valuable, meaning sunk costs or “other creative solutions” had to be implemented.

Chris Bendiksen, a Bitcoin researcher at CoinShares, was quoted in the report as saying:

“I would estimate the probability of Bitcoin ever moving to PoS to be exactly 0%. There is no appetite among bitcoiners to destroy the security of the protocol by such a move.”

Greenpeace did not immediately respond to a request for comment.

https://cointelegraph.com/news/greenpeace-ripple-co-founder-campaigning-to-change-bitcoin-code Greenpeace, co-founder of Ripple, campaigning to change the Bitcoin code

Fry Electronics Team

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