GreenPeace is preparing to launch an advertising campaign to change the bitcoin code. With the high energy consumption through data mining on the cryptoasset’s network, the NGO supports making transactions more sustainable.
In addition to GreenPeace, crypto billionaire Chris Lansen supports the “Change the Code, Not the Climate” campaign. According to Bloomberg, transactions on the bitcoin network currently consume more energy than in Sweden.
The campaign is expected to begin in April 2022 and will run advertisements in major media outlets warning about energy consumption in bitcoin transactions.
According to crypto market forecasts, in five years, the bitcoin network will consume the same energy as the whole of Japan. Therefore, for GreenPeace, the cryptoasset should adopt changes in the network to reduce the consumption of electricity through mining.
The NGO may find supporters in the United States soon after the country has become the largest bitcoin mining hub globally. The growth of mining farm facilities in the country has caused frustration in communities that have been impacted by the activity.
In total, Chris Larsen will invest US$ 5 million in the campaign about changing the mining of the cryptoasset. In addition, the Ripple cofounder claims that the bitcoin code could undergo a hard fork that would be able to transform the entire digital currency network.
Another solution would be a soft fork, where two bitcoin networks would be created to adopt different protocols, with one of them focusing on proof-of-stake mechanisms, where the cryptoasset’s balance is used to validate transactions.