Earlier this week, Some environmental groups launched a campaign that advocates for Bitcoin’s low energy use. The campaign aims to push for bitcoin’s code change to reduce energy use that has gradually increased over time.
Changing for the Better– Enviormental Groups
For sure, Bitcoin is the top cryptocurrency by market capitalization, making it very popular. However, its energy use has come under criticism from lawmakers, environmental groups and some investors.
The groups will use the launched campaign to persuade crypto dealers ranging from mining companies developers to investors that change is better for the environment. In addition, Greenpeace USA, the Environmental Working Group, and other organizations will publish advertisements in publications. The advertisements will be published in the New York Times, Politico, and The Wall Street Journal, emphasizing bitcoin’s environmental effect and lobbying for reform.
Ripple co-founder Chris Larsen is funding the campaign, although he is not representing the cryptocurrency business in this endeavor. Larsen stated that he contributed $5 million. Notably, some of the ads are addressed at major bitcoin supporters like Tesla CEO Elon Musk, Block founder Jack Dorsey, and Fidelity Investments CEO Abby Johnson.
Environmental Group campaign isn’t anti-bitcoin
Said Michael Brune, the former executive director of the Sierra Club who is advising the campaign. Instead, he said, it argues that climate change has reached a critical point and bitcoin. Though, the most valuable cryptocurrency in terms of market capitalization. Moreover, it’s contributing too much to global warming.
“It’s important for anyone in a position to act, to act,” he said. “You can’t ignore that we are in a climate emergency.”
Shifting from Proof of Work
This effort aims to convince the community of investors and backers of bitcoin to change the network’s code to no longer you.