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Environmental Groups to Spend Another $1M on Ads for Bitcoin Code Change After the Merge

Eliza Gkritsi
Updated ·1-min read

Environmental groups pledged to spend another $1 million on online ads to pressure the Bitcoin community to change the network's code in order to reduce energy consumption.

Earlier on Thursday, the Ethereum blockchain – which underpins the world's second-largest cryptocurrency by market value– changed its consensus mechanism from proof-of-work (PoW) to proof-of-stake (PoS), doing away with the need for energy-intensive computing power. Bitcoin, a PoW network, has been facing mounting criticism over its energy use, which is on par with some small countries. These criticisms were echoed in part in a report on bitcoin mining published by the White House last week.

"Ethereum’s energy-efficient ‘merge’ leaves bitcoin as lone cryptocurrency climate polluter," wrote Environmental Working Group (EWG) in a Thursday statement, which along with Greenpeace USA, Ripple co-founder Chris Larsen and other small environmental organizations launched a campaign to change the bitcoin code earlier this year.

On top of the new ad funds, Greenpeace USA started an online petition calling on multi-trillion-dollar asset manager Fidelity Investments to help take the lead in pushing Bitcoin to switch to PoS.

Read more: The Ethereum Merge Is Done, Opening a New Era for the Second-Biggest Blockchain