According to EWG officials, bitcoin may be “the cryptocurrency of the past” if it does not take steps to migrate

Environmental groups launch advertising campaign to move bitcoin to the PoS algorithm

16.09.2022 - 14:05

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2 min

What’s new? The non-governmental Environmental Working Group (EWG) stated that bitcoin needs to migrate from the Proof-of-Work (PoW) consensus algorithm to Proof-of-Stake (PoS). To that end, the EWG announced the launch of a $1 million advertising campaign. According to the group, bitcoin may be “the cryptocurrency of the past” if it does not take steps to migrate.

Announcement of EWG

What else do the experts say? EWG senior vice president of government affairs Scott Faber said environmentalists are ready to support all US government efforts to create standards affecting mining. He's confident that regulators “should not stand by and hope for the best.” Faber added:

“We’re hopeful that the Bitcoin community will follow Ethereum’s lead. [...] We’re not opposed to digital assets, but we are concerned about the rising electricity use.”

Michael Brune, head of the “Change the code, not the climate” campaign, noted that Ethereum has shown a successful transition to an energy-efficient protocol with much less climate, air, and water pollution. The campaign was launched in March 2022, with its main goal being to put pressure on bitcoin miners and investors. The new funding will boost its efforts through online advertising.

Earlier, Ethereum co-founder Vitalik Buterin, citing researcher Justin Drake, reported that global energy consumption decreased by 0,2% after the network switched to PoS.

The US authorities allowed the possibility of banning mining due to its environmental impact. The White House Office of Science and Technology Policy suggests that miners reduce greenhouse gas emissions with the participation of the Environmental Protection Agency (EPA), the Department of Energy, and other federal agencies, which should also develop environmental standards for the industry. Cardano blockchain head Charles Hoskinson later warned that these recommendations could lead to a total ban of bitcoin.

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