Greenpeace believes Bitcoin is fueling the climate crisis

Renowned environmental advocacy organization Greenpeace USA criticizes Bitcoin for having an “outdated and efficient” programming system.

The group reiterated their allegations that Bitcoin’s proof-of-work algorithm is a factor in the global warming crisis in a tweet on Thursday. It recommended replacing the code instead with a less energy-consuming technique, such as proof of stake (PoS).

BREAKING: What is the #EthereumMerge, and why should climate activists care about it?@Bitcoin still uses more electricity than ENTIRE COUNTRIES, but @Ethereum just proved that cryptocurrency doesn’t have to come at the cost of a livable planet. pic.twitter.com/MADdxavtn1

— Greenpeace USA (@greenpeaceusa) September 15, 2022

The comments from Greenpeace followed Ethereum’s successful Merge on Thursday, which changed the protocol from proof of work to proof of stake. The non-profit organization criticized BTC for continuing to consume more power than “entire countries” and compared it with ETH by stating:

“Ethereum just proved that cryptocurrency doesn’t have to come at the cost of a livable planet.”

What does Cambridge Bitcoin Electricity Consumption Index estimate?

Energy use for Bitcoin might vary depending on market conditions, although it has often increased over time as the BTC mining business has grown. The Cambridge Bitcoin Electricity Consumption Index estimates that the current upper theoretical bound consumption is approximately 159.63 TW/h. In contrast, according to data from Forbes from the previous year, the entire country of Norway uses roughly 124 TW/h.

PoW, a method for establishing blockchain consensus and security by spending energy, accounts for its energy footprint. They are naturally motivated to spend more energy to make more money as the BTC price increases over time.

According to Greenpeace, this procedure “fuels the climate crisis” by incentivizing miners to “bring old coal and gas plants back to life.”

After Ripple co-founder Chris Larsen contributed $5 million to a campaign to get Bitcoin to switch to proof of stake, Greenpeace last attacked BTC in March 2022. Like before, Greenpeace has urged IT billionaires with ties to Bitcoin, like Jack Dorsey and Elon Musk, to raise awareness of their energy footprint.

Despite the massive criticism Bitcoin faces every now and then regarding its environmental impact, the major proponent Michael Saylor never fails to take favor of the world’s biggest cryptocurrency. As TheCoinRise reported, Saylor recently said that these allegations on Bitcoin are just lobbyist propaganda.