Greenpeace Has Stopped Accepting Bitcoin Donations Due to Network’s Environmental Impact – Bitcoin News
Environmental activists tend to be one of the most vocal groups of people when it comes to the dangers of Bitcoin’s energy consumption, and today Greenpeace issued a statement that they will no longer be accepting Bitcoin donations due to the network’s high energy costs. Greenpeace has stopped accepting donations in bitcoin, the environmental advocacy group said on Thursday, citing concerns about the high electricity consumption of the technology used to create the cryptocurrency.
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A report released by the environmental activist group Greenpeace has found that the Bitcoin network may consume as much electricity as Denmark by 2020. This would be catastrophic for the environment if the Bitcoin price doesn’t rise with the increased power consumption. The report is the result of a collaboration between German nonprofit Energy Watch Group and the Irish research company DP Energy. Energy Watch Group has previously warned of the high electricity consumption of Bitcoin mining, but Greenpeace says its new report is the first to include calculations of the total amount of electricity required to operate the Bitcoin network at a global scale.
Bitcoin is having a tough time getting off the ground with big charities. Greenpeace, one of the largest environmental charities in the world, has recently decided to stop accepting bitcoin donations due to the environmental impact this network has. Although the network is trying to change and improve by moving to a less energy-intensive mining algorithm, it’s not quite there yet, and until that happens, PayPal will be the new go-to for donations to Greenpeace.. Read more about ethereum environmental impact and let us know what you think.
Environmental NGO Greenpeace has stopped accepting bitcoin donations due to the significant environmental impact of the crypto currency network. The organization, which was one of the first NGOs to add bitcoin to its donation arsenal, went bankrupt due to the increasing energy consumption of the underlying network powering the assets.
Greenpeace no longer accepts donations in bitcoins
Greenpeace has stopped accepting donations in bitcoins due to the significant environmental impact of bitcoin’s energy consumption. Earlier this week, the NGO said in a post that it was dropping this payment feature, even though it hasn’t received many donations in cryptocurrencies. Greenpeace noted: When it became clear how much energy is needed to run bitcoin, this policy was no longer acceptable. Greenpeace was one of the first environmental NGOs of its kind to embrace and accept bitcoin as a way to gain more support for its green flag. In 2014, the company announced that it was using Bitpay as a payment processor for this promotion, and at that time it had no concerns about power consumption. But times have changed, and today this issue is being championed by a group of environmentalists. The fear that bitcoin will become too big and consume too many resources in the process. Tesla CEO Elon Musk was among the first to sound the alarm recently about Bitcoin’s carbon footprint. Tesla has also stopped accepting bitcoin payments due to environmental concerns surrounding the currency.
However, more than bitcoin, the consensus mechanism has been criticized for being too confusing and energy consuming. Bitcoin is a proof-of-work coin, which means that participants in the network have to put in some effort to make the network work. These participants are called miners, and they use special equipment to maximize their profits over other miners in the network. It is this huge amount of specialized hardware that makes Bitcoin secure, and ironically it is the hardware that wastes a huge amount of energy to do so. According to Digiconomist, the entire network has a carbon footprint similar to Portugal’s and consumes as much electricity as the Netherlands currently does. Other reports disagree with Digiconomist’s estimates as well as those of the Cambridge Centre for Alternative Finance (CCAF). With both estimates, there are significant discrepancies between the different numbers, and Bitcoin.com News reports that the CBECI map has not been updated for some time, as of December 2020. But in the long run, it could be worse: According to a recent report by Digiconomist, bitcoin could consume as much energy as all the world’s data centers and have a carbon footprint similar to London’s. However, Bitcoin supporters sincerely believe that proof-of-work currencies can be energy efficient. Among them is Elon Musk, who is working with Dogecoin developers to improve the energy performance of the meme-centric coin. What do you think about Greenpeace no longer accepting donations in bitcoins? Tell us what you think in the comments section below. Photo credit: Shutterstock, Pixabay, Wiki CommonsThe environmental impact of the Bitcoin network may now be greater than the impact of its energy consumption. The electricity used by the cryptocurrency network exceeded the 50 TWh point at the beginning of 2017. The Bitcoin network consumes more than 30 TWh per year. In comparison, the same amount of electricity could power 1.4 million US households. This energy consumption is rather inefficient. One estimate claims that the network mines around 600,000 Bitcoins a year, worth more than $60 million. However, this is only a rough estimate as mining becomes more difficult as time goes on. The network’s increasing energy consumption is putting a strain on the environment and public utilities.. Read more about cryptocurrency-related crimes and let us know what you think.