A software code change would reduce Bitcoin’s energy use 99.9%: Climate groups

Bitcoin mining uses more electricity than all the electricity consumption done Sweden, according to a report University of Cambridge. In a new campaign launched, a group of climate activs wants Bitcoin to change its algorithm from Proof-of-Work to Proof-of-Stake to reduce climate consumption.
The campaign called: “Change the Code, not the Climate” aims to make Bitcoin switch its algorithm, which will significantly reduce the competition to mine crypto coins. Ultimately, reducing Co2 footprint released using expensive devices for crypto mining.
According to a report cited the climate group, Bitcoin  could produce enough carbon dioxide emissions to warm the planet above 2 degrees Celsius, if it becomes widely adopted. “Bitcoin requires so much power that its “miners” have started buying US coal plants. They’re using fracked gas and are striking deals with the oil industry in Texas to use flare gas to fuel their operations,” the climate group said on their website.

Recently, Ethereum also announced changing its code, and even Dogecoin Foundation is working to switch to PoS, which could reduce the energy consumption 99 per cent. (But how will PoS change energy consumption pattern. Take a quick detour of our article on PoS Staking.)
“This proof-of-work method, at least as it currently operates, uses massive amounts of energy, and thus is a huge source of climate pollution. As Bitcoin’s price surges, so, too does its energy use,” the group noted. “If only 30 people — the key miners, exchanges, and core developers who build and contribute to Bitcoin’s code — agreed to reinvent proof-of-work mining or move to a low-energy protocol, Bitcoin would stop polluting the planet. So why isn’t Bitcoin changing its code?”
As per the climate group, changing Bitcoin ‘s algorithm as a whole would render a whole lot of expensive infrastructure worthless, meaning Bitcoin stakeholders will need to walk away from sunk costs — or find other creative solutions.
“We know the crypto community is overwhelmingly motivated a sense of progress, fairness, and good intentions. Many advocates are vocal about addressing climate change,” the climate group added.

The group also highlighted that cryptocurrencies doesn’t need much energy to work. Many newer cryptocurrencies are low consumers of energy or carbon-neutral because they use .proof-of-stake.
Meanwhile, the climate group has called upon staunch supporters of Bitcoin  like Elon Musk of Tesla, Jack Dorsey of Block, and Ab Johnson of Fidelity, BlackRock, Goldman Sachs, PayPal and many others to help ‘Clean Up Bitcoin’.