A campaign ‘Change the Code Not The Climate’, launched by several NGOs and coordinated by the climate activists organization Environmental Working Group highlighted that Bitcoin could reduce its energy consumption by 99% through a simple change in the coding pattern.
As per the reports from the University of Cambridge, it has been stated that Bitcoin mining consumes as much energy as Sweden and its increasing demand in the crypto market is signalling more drastic impacts. Another report published in the Nature Climate Journal said that if Bitcoin is adopted widely it could produce “enough carbon dioxide emissions to warm the planet above 2 degrees Celsius”.
The online platform created under this campaign ‘cleanupbitcpoin’ highlighted that the software code called “Proof of Work” used by Bitcoin to validate transactions requires massive computer systems & energy to function.
The campaigners are proposing that Bitcoin should opt for “Proof-of-Stake” software code which is already being used by Ethereum and is believed to reduce energy consumption by 99.95% or they should adopt a less energy-intensive method to validate their transactions.
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Technology is a useful servant, but a dangerous master, it was rightly said. Electronic devices have grown into an inevitable part of our daily lives.
