Bitcoin News and Finance
Greenpeace Has Stopped Accepting Bitcoin Donations Due to Network’s Environmental Impact Skip to main content

Greenpeace Has Stopped Accepting Bitcoin Donations Due to Network’s Environmental Impact

Greenpeace

Greenpeace, the ecological NGO, has stopped accepting bitcoin donations due to the big impact the cryptocurrency network has on the environment. The organization, which was one of the first NGOs to add bitcoin to its donations arsenal, has now backpedaled due to the growing energy consumption of the underlying network powering the asset.

Greenpeace Stops Accepting Bitcoin Donations

Greenpeace has stopped accepting bitcoin donations due to the big environmental impact that the energy consumption that the Bitcoin network is having. The NGO declared in an article earlier this week that they would be scraping this payment functionality, though they didn’t receive many donations in the form of cryptocurrency. Greenpeace stressed:

“As the amount of energy needed to run bitcoin became clearer, this policy became no longer tenable,”

Greenpeace was one of the first environmentally-focused NGOs of its kind to adopt and embrace bitcoin as a way of getting more support behind its green flag. It announced back in 2014 it was using Bitpay as their payment provider for this action, and they didn’t have any concerns with energy consumption at the time.

However, times have changed, and this is now this kind of issue the environmental activist group is rallying behind. The concerns that Bitcoin can grow too big using too many resources in the process. Elon Musk, the CEO of Tesla, was one of the first ones that raised alarms concerning the carbon footprint of Bitcoin recently. Tesla also stopped accepting bitcoin payments due to environmental concerns surrounding the currency.

Proof of Work in the Spotlight

However, more than Bitcoin, it is its consensus mechanism that’s being criticized as being too dirty and energy-consuming. Bitcoin is a proof of work-based currency, meaning that participants in the network musk confer a certain kind of effort to the network to operate. These participants are called miners, and they use specialized hardware to maximize their gains over others miners in the network.

It’s this vast amount of specialized hardware that makes Bitcoin secure, and paradoxically, the one that spends vasts amounts of energy doing so. According to Digiconomist, the whole network has a carbon footprint comparable to Portugal’s carbon footprint and consumes as much power as the Netherlands currently.

Other reports disagree with the estimates recorded by the Digiconomist and the Cambridge Centre for Alternative Finance’s (CCAF) estimates as well. Both estimates have large discrepancies between each recorded number, and Bitcoin.com News was told that the “CBECI map hasn’t been updated for some time now,” in December 2020.

But it could be worst in the long run: Digiconomist’s last report claims that bitcoin could consume as much energy as all of the data centers in the world, and have a carbon footprint comparable to London’s. Yet bitcoin advocates wholeheartedly believe that proof of work-based currencies can be energy efficient. This is also the case with Elon Musk, who is working with Dogecoin developers to achieve better energy numbers for the meme-centric currency.

What do you think about Greenpeace not accepting bitcoin donations anymore? Tell us in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory