Bitcoin’s proof-of-work mechanism is a climate disaster. Environmental groups have a fix. — from protocol.com by Sarah Roach
Ending proof of work would cut bitcoin’s carbon footprint by an estimated 99%.
Excerpt:
If bitcoin could just cool it with the whole “using copious amounts of energy to mine magic internet money” thing, that’d be great. That’s the message some environmental groups are putting out there as part of a new campaign pressuring the bitcoin community to clean up its act with a code change.
Greenpeace USA, Environmental Working Group and other organizations began a campaign called #ChangeTheCode this week in an attempt to turn up the heat on bitcoin investors. The cryptocurrency currently relies on a proof-of-work process that puts miners in competition with each other. That mechanism is used by miners to confirm and record crypto transactions, providing a greater level of security, but it also takes a heavy climate toll due to the amount of energy used and the associated carbon emissions. There are other options, including proof of stake, that use vastly less energy.