Bitcoin mining currently consumes as much energy in a year as the whole of Argentina. The growing popularity of this cryptocurrency is helping to revitalize fossil fuel companies in the U.S., where the mining of these assets is carried out with these hydrocarbons, thus generating a high ecological footprint.
An environmental campaign invites Bitcoin to change its mining process to reduce its energy consumption
However, according to a campaign launched this week by environmental groups, a simple change in the cryptocurrencies’ code could significantly reduce the environmental impact of its mining.
The “Change the code not the climate” campaign, or “Change the code not the climate” is backed by Greenpeace and other environmental groups. It aims to achieve a change in the mining of Bitcoin to reduce the very high emissions carbon emissions from the process.
The software code used by the Bitcoin serves to ensure that the miner has completed the complex cryptographic puzzle required for the mined Bitcoin to be officially recorded. Completing that process requires a massive use of energy to validate and secure transactions with this cryptocurrency.
Etherium, Bitcoin’s competing cryptocurrency, is working to modify its code and reduce energy usage by up to 99%. The promoters of this campaign invite Bitcoin to follow in their footsteps and come up with a mining formula that is not so energy intensive.
In the last year, China has gone from being the world powerhouse in cryptocurrency mining to eradicating the activity in the country. The baton has been taken over by the United States, where cryptocurrency miners using mainly natural gas and other fossil fuels. The Asian country, however, largely used hydropower and other renewables to complete the process.
Although there are also some farms in the Americas that use clean energy, the fact is that these are still in the minority. For the promoters of the campaign, the use of renewables is anecdotal. What is really important, they argue, would be to change the encryption code so that it is not necessary to spend so much energy.
The campaign has contracted advertising space in the Wall Street Journal, New York Times, Marketwatch, Politico, Facebook and other publications. Its purpose is to convince and lobby major investors in the sector to bring about a change in the mining industry.
