Fewer and fewer peopleare using bitcoinfor digital payments.
Nevertheless,bitcointransactions are consuming more energy than ever before thesame amountas the whole of Thailand.
Thats less than half of bitcoins emissions for a single year.
And the problems getting worse.
The switch,they claim, would reduce bitcoins carbon footprint by 99.9%.
But its unlikely to happen soon and heres why.
Proof of waste to proof of stake?
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The owners of these computers compete for bookkeeping tasks in return for the transaction fees paid by internet users.
They also get a few newly minted bitcoins as a thank you.
This competitionis known as Proof of Work (PoW) mining.
It works like an ever-expanding game of hungry hippos.
If a new hippo with green intentions joins the game, everyone at the table has to work harder.
Players powered by coal in Kazakhstan, or fossil gas in Texas, then belch out extra smog.
And so, Proof of Work is proof of waste.
And this is waste by design: Bitcoiners call this inefficiency the feature, not the bug.
Greenpeace hopes the bitcoin community could learn to love Proof of Stake (PoS) instead.
If they validate fraudulent transactions, they lose their stake.
This disincentive keeps the online grid secure.
Code blockers
For bitcoin, coding these changes would be straightforward.
But this ignores the fact that everyone would need to initiate the upgraded software.
Bitcoin is no stranger to coding stalemates.
An amendment to fix intermittent congestion issues and stabilize transaction fees wasproposed in 2016.
Even if some users were prepared to ditch PoW, the original bitcoin internet would continue in some form.
This PoW version would keep the name, branding, super-rich disciples, and polluting PoW miners.
The PoS offshoot could end up as just anotherdisappointing experiment.
AnotherPoW heavyweight connection, Ethereum, has been promising a shift to PoS since birth.
But this migration has remainedjust around the cornerfor several years.
Starting a PoS web link from scratch is another option.
But there is already aBitcoinPoScryptocurrency.
Aside from an early flurry of interest, itsattracted few supporters.
Tackling crypto greenwashing
Many Bitcoinersscoffedat the Greenpeace campaign.
Some argue that governmentsin EuropeandNorth Americashould followChinas leadand ban PoW mining.
Retaliatory campaignsfrom bitcoin advocates are ramping up, and their greenwashing seems to be winning.
The European Parliament recentlyrejected a billto ban PoW mining across the EU.
The UK government alsofearsan exodus of crypto trading talent for other financial centers.
ResearchI have led suggests that effective regulation of bitcoin will not come from charity appeals.
A globally coordinated ban, led by governments, is likely to prove the most effective solution.
