Why Climate Activists’ Bitcoin Proposal Won’t Work
Some good intentions but a superficial and unrealistic approach.
Non-members can access the full article here.
TL;DR — Greenpeace, in collaboration with an artist, produced an installation, the “Skull of Satoshi”, as part of the “Change the Code, Not the Climate” campaign to get multiple stakeholders to work together to move Bitcoin away from proof-of-work (mining) and like Ethereum, adopt a proof-of-stake (staking system).
I cover why this is unlikely to occur and instead argue that more emphasis should be on accelerating the movement to ~100% “clean-energy” uptake, better use of waste heat from ASIC miners, implementing other efficiencies (e.g. novel cooling technologies for miners), and pushing to boost recycling of valuable materials from discarded mining equipment.
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Bitcoin uses as much energy as Austria, Portugal, Norway, Switzerland and …(insert country).
This is the frequent comparison between Bitcoin and multiple individual countries across various media sources.
Besides this, there is a movement from various environmentalists/climate activists to get Bitcoin to emulate Ethereum and move to a proof-of-stake (PoS) chain.
