SEN. MARKEY, REP. HUFFMAN ANNOUNCE LEGISLATION TO CRACK DOWN ON CRYPTO ENERGY...
Did you know?
Did you know?
Recent estimates show Bitcoin has used more electricity than Sweden.
And it’s quickly surpassing more countries, according to the University of Cambridge. Unless its price is decoupled from its energy use, Bitcoin will drive devastating climate impacts.
U.S.-based Bitcoin miners are already responsible for at least one-quarter of global greenhouse gas emissions caused by Bitcoin mining.
The White House’s Office of Science and Technology Policy estimated that Bitcoin mining in the United States alone is responsible for up to 35 million tons of CO2 emissions per year.
Bitcoin mining’s single largest electricity source is coal-fired power.
According to the International Energy Association, coal-fired electricity generation accounts for 30% of global CO2, making it the primary source of GHG emissions.
A software code change could reduce Bitcoin’s energy use by 99.9%.
Switching to a low-energy protocol has proven effective and uses far less energy. Ethereum, the world’s second-largest cryptocurrency, has already changed its code system to reduce its energy usage by 99.95%.
Cut the Pollution and the Excuses
On September 15, 2022, Ethereum, the second largest cryptocurrency, slashed its electricity use by 99.95%, proving that a code change is technically and politically possible. Ethereum's Merge leaves Bitcoin as the largest cryptocurrency climate polluter. It doesn't have to be this way.
Financial Institutions Need to Support a Bitcoin Code Change
We know enough.
It’s time to act.
We know the problem. Bitcoin uses an outdated technology called proof-of-work to validate transactions. This proof-of-work method, at least as it currently operates, uses massive amounts of energy, and thus is a huge source of climate pollution. As Bitcoin's price surges, so, too does its energy use.
We know Bitcoin stakeholders are incentivized not to change. Changing Bitcoin would render a whole lot of expensive infrastructure worthless, meaning Bitcoin stakeholders will need to walk away from sunk costs — or find other creative solutions.
We know the crypto community is overwhelmingly motivated by a sense of progress, fairness, and good intentions. Many advocates are vocal about addressing climate change. The dream of so many early crypto innovators is within reach — but only if the industry gets serious about crypto that runs on low energy.
We know crypto doesn’t need much energy to work. Many newer cryptocurrencies are low consumers of energy or carbon-neutral because they use a better model: proof-of-stake.
We know a basic software code change would reduce Bitcoin’s energy use by 99.9%. If only 30 people — the key miners, exchanges, and core developers who build and contribute to Bitcoin’s code — agreed to reinvent proof-of-work mining or move to a low-energy protocol, Bitcoin would stop polluting the planet. So why isn’t Bitcoin changing its code?
We know who wields influence over the crypto community, from big tech to big banks. Leaders like Elon Musk of Tesla, Jack Dorsey of Block, and Abby Johnson of Fidelity have vested interests in Bitcoin — and the power to affect change. BlackRock, Goldman Sachs, PayPal and many others have a responsibility to help Clean Up Bitcoin.
We call on leaders in tech
and finance to use their
power to stop Bitcoin
from wasting ours.
Together, we can clean up Bitcoin. Use your voice to call in those who can make it happen.