Greenpeace USA took the opportunity to crush Bitcoin (BTC) on the occasion of ConsenSys, Aave, Microsoft, Polygon and other initiatives that announced the Ethereum Climate Platform (ECP) at COP27 in Egypt.
Hail to Bitcoin (BTC) and praise to Ethereum (ETH) from Greenpeace!
“Others in the crypto industry are trying to tackle the climate crisis,” Greenpeace said in a statement. However, Bitcoin lags further behind.” Also, he added:
Most major players in the Bitcoin space are not taking the initiative to reduce energy use by changing the code. Instead, he refuses to acknowledge the problem. Other crypto technologies are making changes to be more efficient. It develops approaches to addressing historic climate pollution. “Bitcoin mining” has become more polluted in recent years with coal being the most important source of electricity.
They do not provide any source or analysis for the claim that coal is the largest source of electricity for Bitcoin mining. This is naturally a very biased establishment. However, Greenpeace blames one and praises the other. In this context, Greenpeace said for Ethereum:
The Ethereum Climate Platform (ECP) is another example of crypto platforms taking the initiative to mitigate the climate crisis. As the world grapples with the climate crisis, it is leaving Bitcoin (BTC) even further behind.
Ethereum wins over the greens with the switch to PoS
ConsenSys, Aave, Microsoft and others announced that they will “invest in ongoing science-based climate projects that promise to reduce more than Ethereum’s past emissions by leveraging Web3 native technologies, infrastructure, financing mechanisms and governance protocols.” Ethereum no longer uses extra energy after being upgraded to Full Proof of Stake this September. But for the previous seven years, this consortium now relied on Proof of Work as it sought to offset the carbon emitted at the time. Bill Kentrup, co-founder of Allinfra, one of the participants, says:
Funding high-quality green projects is critical in the fight to mitigate human-induced climate change. Historically, though, the process of allocating capital to the right projects and assessing their real impact has lacked transparency, efficiency, and timeliness. We are delighted to have the opportunity to design and launch a better web3-enabled climate finance platform.
What should players in the Bitcoin space do in this case?
Thus, they will invest in green startups and seize the opportunity to crush Bitcoin (BTC) a little. This is what they call balancing. Because why not! It is not clear what role crypto technology will play in these initiatives. Some of the more interesting projects of this type revolved around a local solar panels-based grid to which cryptocurrency was connected as a medium of exchange for energy sent to or actually received from the grid. It also had ambitions to connect solar panels to electric car batteries and plug those batteries into the grid.
It is possible to do this through a kind of central database where you register via bank accounts. For Bitcoin, the focus is more on energy science. Bitcoin computing has a very competitive nature. This means that energy prices are a huge competitive advantage. It therefore means that there will be an advantage in building more efficient renewable energy projects, including solar power plants.
However, in poor countries maybe they use coal. However, the focus right now should be arguably to stimulate and even enforce demand for energy sources such as solar, wind and indeed hydrogen, especially public spaces such as parking lots, while increasing production capacity. Because Bitcoin will not change the PoW mechanism. Probably won’t be able to change it. Because the network needs to have a means to directly access it via computing without having to buy Bitcoin from someone else.
Is environmentally friendly energy the solution?
Therefore, it is possible for the scapegoat discourse to turn people away. It is also likely that this will lead to the politicization of the issue. However, it is more important to adopt an impartial approach that focuses more on the sector. It would probably be much more effective to focus on every sector that is transitioning to renewable energy sources.
So it’s no surprise that Ethereum and startup investment are at the forefront. Because, this field is growing with innovation. Surely he will be more than happy to combine it with innovation in the renewable energy industry. Bitcoin has its place to do that, too. Because the climate change debate is now in full swing, with the hard work of building everything it needs to get started.
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