TL; DR Breakdown
Bitcoin code might undergo changes following a campaign made by Ripple co-founder and Greenpeace.China recently banned crypto miners from operating in the country.
Bitcoin’s detrimental environmental impact mount a fresh assault. Ripple co-founder Chris Larsen has collaborated with Greenpeace and other climate groups in a bid to propose changes to the Bitcoin codebase that they believe will be more environmentally friendly.
Ripple co-founder wants to reduce Bitcoin’s environmental impact
This campaign is intended to encourage the Bitcoin community, miners, and investors to change power-intensive ways of conducting transactions by changing the code, not the climate. Larsen states that in a period of five years, the power consumption will be similar to the Japanese and not as much as Swedens.
Bitcoin mining has faced opposition from not only activist groups but also Tesla CEO Elon Musk, who stopped accepting payments made in the crypto for tesla vehicles due to environmental concerns.
The campaign intends to buy ads from various publication groups to mobilize members to put effort; Greenpeace and other environmental activist groups are holding hands to make this campaign successful since it has reached many corporations and important people.
We are in this for the long run, but we’re hoping — especially since Bitcoin is now being financed by persons and organizations that care about climate change — that we can persuade leadership to acknowledge its existence. Goldman Sachs, BlackRock, PayPal, Venmo, and Fidelity are a few of the companies that will be useful to us throughout.
says Michael Brune, who’s overseeing the campaign.
Bitcoin and Crypto mining banned in China
Since the ban on crypto mining in China, miners have migrated to several countries with friendly mining conditions, especially In the United States. However, some US authorities have raised concerns about the noise and power consumption resulting from Bitcoin mining.
According to Greenpeace, Proof-of-Stake is more environmentally friendly than Proof-of-Work. As a leader and competitor in the altcoin market, Ethereum is set to switch from PoW to PoS, making it essential for the largest cryptocurrency to make changes in the way transactions are completed.
Larsen stated his good wish for the growth of the two leading crypto assets. He also talked about Bitcoin and Ethereum being healthy competitors of Ripple but said he would let the competition go on.