Greenpeace and Ripple co-founder Christopher Larsen are launching a campaign named “Change the Code, Not the Climate” to encourage the Bitcoin community to choose a less energy-intensive method of verifying payments than the proof-of-work algorithm, or PoW, according to Bloomberg.
According to the story, numerous other climate activist organizations have joined this project in addition to Greenpeace. According to Larsen, the amount of power utilized by Bitcoin miners is currently equal to that consumed by Sweden, and in five years, it will be identical to the share of electricity consumed by Japan.
Chris Larsen has also contributed $5 million to the campaign. As a model for Bitcoin, he and others leading this campaign point to Ethereum’s intentions to switch to the proof-of-stake algorithm.
The conversion from Ethereum to PoS, which has taken years and is scheduled to take place in the coming months, could reduce energy use by 99 percent. Larsen expressed his desire for BTC and ETH to prosper. Aside from XRP, he owns both.
Bitcoin miners to give up PoW
According to Bloomberg, the Environmental Working Group, Greenpeace, and a few smaller environmental activist groups would buy commercials in major media sources during April. They are also recruiting their army of members to convince BTC miners to abandon PoW mining.
The campaigners have already contacted important individuals and corporations in the BTC mining industry as a result of their efforts. The aforementioned campaign is being led by Michael Brune, a former executive director of the Sierra Club, in an attempt to persuade the BTC community to reform its verification process.
Brune believes that because many firms and high-net-worth individuals who care about the environment are investing in Bitcoin, a favorable outcome is possible and that they can urge investors to address this big issue.
Brune believes that many organizations that are currently working with Bitcoin, such as PayPal, its Venmo app, Goldman Sachs, and others, will be useful in the future. At the time of press, Bitcoin was priced at $47,269.97 with a daily drop of 0.58%.