- Greenpeace and the Environmental Working Group have launched a million dollar smear campaign against Bitcoin following the merger of Ethereum with PoS.
- The campaign has a petition urging Fidelity, BlackRock and others to keep Bitcoin away from the PoW.
- Bitcoin opponents need to understand how it actually works.
Greenpeace and the Environmental Working Group have stepped up their attack on Bitcoin’s proof-of-work (PoW) with a $1 million ad campaign, according to a press release.
Climate groups are pushing institutions such as Fidelity, BlackRock, Block and PayPal to influence the Bitcoin protocol. The intentions of the group are to have these institutions help in some way to change the consensus mechanism from PoW to Proof-of-Stake (PoS).
The escalation of an attack that began in March with the launch of the “Change the code, not the climate” campaign follows today’s completion of the merger, an event that changed the consensus mechanism of ‘Ethereum from PoW to PoS.
“Ethereum has shown that it is possible to move to an energy-efficient protocol with significantly less climate, air and water pollution,” said Michael Brune, Change the Code Campaign Director, Not the Climate.
However, one could argue that these climate groups are missing something very important about Bitcoin. Not only is PoW the true innovation and heart of Bitcoin’s smooth operation, but it wouldn’t be the first instance of institutional and corporate pressure to change the Bitcoin protocol.
As a result, the Block Size Wars saw many institutions advocating for larger block sizes on the blockchain, which would have led to the centralization of nodes on the network, reducing the distributed network we see today. Attempts to centralize the network ultimately failed as the decentralized network was strong and an upgrade known as SegWit enabled the necessary upgrades to block sizes without centralizing Bitcoin’s infrastructure.
Additionally, climate-based criticisms of Bitcoin are being debunked more and more by the day. In fact, yesterday the executive chairman of pro-Bitcoin software analytics firm MicroStrategy published an article refuting many common accusations.