Friday, October 7, 2022

Environmental Group EWG Urges Bitcoin to Emulate Ethereum By Going Green

Following Ethereum’s transition to proof-of-stake on Thursday, U.S.-based Environmental Working Group (EWG) has revealed its plans to launch a $1-million campaign that will be aimed at urging Bitcoin (BTC) to do the same.

Dump the outdated protocol — EWG Says to Bitcoin

This was revealed via a Thursday press release by EWG. The group highlighted the need for Bitcoin to dump an “outdated protocol” such as the proof-of-work (PoW). It also charged the network with the need to embrace a more climate-friendly protocol – the proof-of-stake (PoS), similarly to Ethereum’s latest move.

Speaking about Bitcoin, Michael Brune, director of the EWG campaign said: 

“Bitcoin has become the outlier, defiantly refusing to accept its climate responsibility.”

The announcement follows after new reports emerged shortly after Ethereum’s transition became complete in the early hours of Thursday. According to the reports, energy consumption on the Ethereum blockchain has been cut by over 99%.

Meanwhile, EWG is not alone in the view that Bitcoin needs to go green. Several other climate activists and groups also share a similar sentiment.

It might be worth noting, however, that while these environmental groups are advocating for the PoS, some industry leaders beg to differ. This group of people have publicly argued against moving the Bitcoin blockchain to PoS. However, their reasons for holding this position borders largely on the fact that the PoW is more secure.

One of the most notable industry leaders who believe in the PoW is MicroStrategy co-founder Michael Saylor. Taylor recently argued in favour of Bitcoin claiming that the blockchain is not exactly responsible for the globe’s climate challenges. In his remarks, he further spoke about how a possible transition could mean that regulators will be forced to treat Bitcoin as securities and not commodities. According to Saylor;

“It makes no sense to compare Proof of Stake networks to Bitcoin.”

Related Articles

Stay Connected

0FansLike
0FollowersFollow
2,038FollowersFollow

Latest Articles

%d bloggers like this: