There have been concerns about Bitcoin’s power consumption and the impact it has on the environment. Remember, Elon Musk suspended BTC transactions a few weeks ago. That was due to the effects that Bitcoin mining has on the environment.
Greenpeace follows the steps to suspend BTC dealings. The NGO announced that it would no longer accept BTC as donations due to the environmental impact the BTC network has. In the articles released this week, Greenpeace declared that they suspended BTC transactions, although they did not receive many donations in bitcoins.
Keep in mind that Greenpeace was the first NGO (focusing on the environment) to accept BTC donations to get support for its green goals. The organization had no bitcoin power usage concerns at the announcement in 2014, where it declared to utilize Bitpay services to accomplish its bitcoin actions.
However, the enviro-friendly activists are now behind the group attacking bitcoin due to the environmental impact that the asset has. Elon Musk, Tesla executive, raised alarm over the last two weeks concerning Bitcoin’s carbon footprint. As a result, the car manufacturer suspended BTC payments.
The Proof-of-Work Fault
Besides Bitcoin, industry players criticize its consensus appliance as energy-consuming and too dirty. Keep in mind that BTC relies on the Proof-of-Work approach. That means participants need to dedicate their effort for the BTC network to operate. You can refer to the participants as miners.
The vast Bitcoin network necessitates higher power usage. Digiconomist reported that BTC’s carbon footprint could equal Portugal’s. Moreover, the source stated that Bitcoin activity power usage is comparable to Netherlands ‘ current consumption.
However, some analysts disagreed with the Digiconomist BTC power consumption reports. Though at the moment, it is with no doubt that BTC uses ‘insane’ electricity. Keep in mind that Bitcoin advocates said that PoW assets could be power efficient.
At the moment, crypto enthusiasts are waiting for Musk’s next move. That was after the executive declared that the company is looking for an energy-efficient cryptocurrency.
You can use the comment section to tell us your opinions concerning Greenpeace suspending Bitcoin donations.