Several climate activist groups including Greenpeace and crypto billionaire Chris Larsen are launching a “Change the Code, Not the Climate” campaign, designed to pressure the bitcoin community to alter the way it orders transactions that already consume as much power as Sweden. In five years, bitcoin may consume as much power as Japan, Larsen said in an interview.
Bitcoin’s main rival, ethereum, is readying for a major software overhaul that will make it more environmentally friendly. Just like bitcoin, it’s currently using giant server farms to order transactions via a process called “proof of work”. But within months, ethereum could switch to a different method, called “proof of stake”, which is projected by some to cut its energy consumption by 99%.“Now with ethereum changing, bitcoin really is the outlier,” Larsen said.
“If I was concerned about bitcoin as a competitor, probably the best thing I could do is let it continue on this path,” Larsen said. “This is just an unsustainable path.” Larsen said bitcoin’s power consumption issue could be fixed via a soft or a hard fork — both changing the network’s code to make bitcoin less power hungry. A soft fork would preserve bitcoin as a single blockchain. A hard fork would split bitcoin into two separate networks, one supporting miners and the other running different code — perhaps proof of stake.
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