A wall of crypto mining machines.
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An alliance of environmental organizations launched a campaignMonday will see changes to the software that powers the cryptocurrency network make bitcoin less energy-intensive.
The campaign uses the slogan “change code, not climate” The slogan refers primarily to changing the code for the bitcoin network. It uses as much electricity than some countries.
Greenpeace USA, Environmental Working Group, and other organizations call for the bitcoin blockchain to be converted from the proof-of work system to a proof of stake model. Proof of stake takes less energy than proof-of-work.
Rolf Skar, Greenpeace USA Campaign Director, stated that it is better to have a thoughtfully managed change that reduces climate emission as soon as possible than some kind of calamity later.” He spoke with CNET.
To prove your work, you need to use energy-sucking equipment to solve problems on the blockchain that validate transactions. This is known as mining. When machines solve the problem, miners are awarded coins. In proof-of-stakeModels and computers are randomly chosen to Create blocks for the BlockchainThe computers that are not selected are responsible to validate the blocks created. Miners will need to provide a certain amount for collateral in order to participate in the proof-of stake process.
The campaign comes amid a boom for bitcoin mining operations US that’s Resurrection of a businessat Coal plantsIt belch out EmissionsThese contribute to the climate crisis. Since China, Bitcoin mining has thrived in the US. Ban bitcoinMining in the last year. China has been replaced by the USA as the home of the The majority of bitcoin mining operations.
Skar stated that “We’re seeing frontline community battles proliferating all over the US where fossil fuel power stations that were idle or on their way to retirement suddenly find new customers in Bitcoin mining operations.”
The University of Cambridge Bitcoin Electricity Consumption IndexBitcoin uses more energy than many countries, including Norway and Sweden. The New York Times EstimatesBitcoin accounts for half of the global electricity consumption.
TheEthereum Foundation, which supports Ethereum blockchain, the native Blockchain of Ethereum, is the second-largest cryptocurrency market cap after Bitcoin. Change from proof of work to evidence of stakeIt took a while. The switch has been made delayedHowever, it is still plannedThe second quarter of 2022.
Ted Cruz, a Texas Republican, has advocated for coal-powered mining of bitcoins. Cruz, a Texas Republican, said that he sees mining as a way to make money. Support his state’s electricity grid.
During Tuesday’s press conference, campaign members quickly stressed that the effort was not anti-bitcoin. Instead, it is focused on reducing energy consumption.
Skar stated, “In a climate crises, we need to make a systemic change.” “The simplest solution for us is to move from proof of work into proof of stake.”