Environmental Groups Say Bitcoin Should Follow the Example Of Ethereum In Transitioning To PoS

Ethereum blockchain’s transition from the previous proof-of-work (PoW) to proof-of-stake (PoS) consensus has minimized the energy consumption by up to ninety-nine percent and several activists have demanded that BTC should also go the same way.

Environmental Groups Call for Bitcoin to Be Transitioned to PoS Like Ethereum

In a notice issued on Thursday after the Merge, the Environmental Working Group (which is based in the United States) declared that the agency would initiate a campaign of up to $1M for persuading Bitcoin to turn into a green and environmental friendly crypto asset rather than utilizing an orthodox protocol such as proof-of-work (PoW).

The declaration was witnessed at a time when Greenpeace (an environmental activity team) proposed a petition straightly at Fidelity Investments for assisting the PoS transition. EWG campaign’s director, Michael Brune, mentioned that the crypto protocols operating under them have worked on effective consensus mechanisms throughout the years.

As per him, Bitcoin has turned into an outcast by rebelliously rejecting to embrace its responsibility toward the climate. Scott Faber, the senior president of EWG for government-related matters, recommended that the – in general – the Merge upgrade was beneficial for the environment as it minimized the energy usage of the Ethereum blockchain.

He referred to a report that the White House Office of Science and Technology Policy published in September and found out that crypto assets, particularly PoW-based, did a great contribution to the usage of energy as well as the emissions of greenhouse gas, with the utilization of additional power across the U.S. as compared to that of the home computers.

Faber added that the latest upgrade of Ethereum provides proof that the digital assets – which are dependent on the PoW – have the potential to be evolved to PoS and utilize minimum energy. In his words, the BTC community will hopefully go the way chosen by Ethereum. He expressed his support for any of the endeavors taken on the behalf of the White House for establishing the standards influencing the miners of cryptocurrency.

Industry Frontrunners Refute BTC’s Shift to PoS Due to Security and Decentralization

He moved on to say that the regulatory authorities should not just hope but also take immediate measures to deal with the climate crisis. On the other hand, the industry giants have resisted the idea of shifting the BTC blockchain to a PoS consensus while citing the security risks as well as the compromise on decentralization.

Disclaimer: NFTs and Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors (namely Business Voices content) and the views expressed in these types of posts do not reflect the views of this website. Please read our full disclaimer here.

Leave a Reply

Your email address will not be published. Required fields are marked *