Earlier this week, a coalition of environmental organizations joined forces to start a campaign advocating for BTC’s low energy usage. The effort tries to persuade bitcoin to update its coding to lower energy consumption, steadily increasing over time.
Making a Positive Difference
BTC is, without a doubt, the most famous cryptocurrency in terms of market capitalization. Nevertheless, environmental groups, legislators, and some investors have criticized the company’s energy use. The organizations plan to leverage the newly started campaign to educate cryptocurrency dealers, including mining businesses, developers, and investors, that change is better for the environment. Greenpeace USA and other groups will run ads in publications like Politico and NYT (New York Times), highlighting BTC’s environmental impact and petitioning for change.
Chris Larsen supports the effort, and he’s not promoting the cryptocurrency industry. Larsen indicated that he made a $5M contribution. A few advertisements specifically target prominent BTC supporters such as Elon Musk, Jack Dorsey, and Abby Johnson.
According to Michael Brune, the campaign is not against BTC. Rather, it claims that climate changes have crossed a threshold and that BTC, the leading cryptocurrency by market valuation, contributes far more to global warming. He stated that It’s critical for everybody in a situation to intervene and act. You can’t deny that we’re amidst an environmental crisis.
Changing from PoW
This campaign tries to persuade the BTC ecosystem of investors and supporters to modify the platform’s code so that PoW is no more used. Brune stated that the adjustment has the potential to significantly lower BTC’s energy use, Brune stated.
BTC’s power consumption is a protection mechanism to stop unwanted individuals from taking control of the system. To make the network safe, miners will have to expend a lot of processing power. Cambridge Centre for Alternative Finance claims that, on an annual basis, the BTC network uses somewhat more power than Norway, which utilizes 124.3 terawatt-hours of electricity. On the other hand, BTC requires less power than is dissipated in the US during power transmission.
Bitcoin Mining Using Biogas
However, others are trying to find ways to turn BTC mining into a green initiative. A BTC mining plant in Slovakia generates electricity from human and animal feces. Duan Matuska and Gabriel Kozak created the AmityAge Mining Farm.
Matuska claims that its cryptocurrency mining method is environmentally benign and renewable. He claims that the methane produced by their biodegradation method aids in the seamless operation of their devices. Matuska also mentioned that renewable energy could speed up the adoption of innovative technologies. It also has the potential to deliver a better RoI.
According to Matt Lohstroh, a natural gas BTC miner situated in Texas, the most challenging aspect is quickly obtaining reasonable energy for BTC mining. Every last piece of the low-hanging fruit has been plucked.
