A software code change would reduce Bitcoin’s energy use by 99.9%: Climate groups
Bitcoin mining uses more electricity than all the electricity consumption done by Sweden, according to a report by University of Cambridge. In a new campaign launched, a group of climate activists 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 by using expensive devices for crypto mining.
According to a report cited by the climate group, Bitcoin could produce enough carbon dioxide emissions to warm the planet above 2 degrees Celsius, if it becomes widely adopted.
