Yes, with the change of software code it will definitely reduce the use of Bitcoin’s energy by 99.9%. As per the campaign known as “Change the software Code but not the Climate”. The aim mainly to make the switch of Bitcoin algorithm, this will definitely reduce the level of competition to the crypto coins.
Bitcoin Mining and Use of Energy
Bitcoin mining generally uses more of the electricity as compared to the consumption of electricity done through Sweden. As per the report by the University of Cambridge. However, in latest launched campaign, a group of the climate activists wish Bitcoin to change the form of algorithm. It will be from Proof-of-Work and will be changed to Proof-of-Stake. This will definitely help to reduce the consumption of climate. Finally, reducing the Co2 footprint also released by using the most expensive devices for the crypto mining.
As per the report cited by climate group, Bitcoin can also produce adequate emission of carbon dioxide. This could warm the planet for almost more than 2 degrees Celsius. In case it becomes adopted widely. Bitcoin needs so much of the power that the “miners” have also started purchasing the US coal plants. These are also using the fracked gas or they are even striking deals with oil industry to use flare gas for fueling their operations.
Lately, Ethereum even announced changing of the code, and also Dogecoin Foundation works to switch the PoS. This can also reduce the consumption of energy by 99 per cent.
According to the climate group, with the change in the algorithm of Bitcoin as a whole will render the much expensive infrastructure. It means that the stake holders of Bitcoin will need to simply walk away from the sunk costs and different creative solutions.
We know about crypto community that is highly motivated by the sense of the progress, fairness, as well as the great intentions.
