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Ethereum’s historic move from proof-of-work to proof-of-stake has been successfully completed. Of course, the merge took crypto Twitter by storm with a good mix of congratulations, memes, and hate. Vitalik Buterin tweeted out;
And we finalized!
Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
Despite the “well-wishes” and the excitement for the merge on Twitter, the markets reacted quite differently. Ethereum rallied towards $1,800 …but the run-up was short-lived as $150 Million was liquidated off the market, causing the price to drop to $1,471.20 (at the time of writing), down 8.8% in the past 24-hours.
Ethereum’s transition to proof-of-stake has reduced its energy consumption by over 99%, which has created negative chatter around Bitcoin and its proof-of-work protocol. Climate activists have called for Bitcoin to follow suit.
In a September 15 notice after the Merge, the United States-based Environmental Working Group (EWG) announced it would launch a $1-million campaign aimed at encouraging Bitcoin to go green as opposed to using an “outdated protocol” like PoW.
Their announcement came amid environmental activity group Greenpeace publishing a petition aimed directly at Fidelity Investments to facilitate the viable transition to PoS. Michael Brune, director of the EWG campaign, stated:
“Other cryptocurrency protocols have operated on efficient consensus mechanisms for years. Bitcoin has become the outlier, defiantly refusing to accept its climate responsibility.”
The FUD surrounding Bitcoin energy isn’t new, and seems to be one of the main arguments against Bitcoin for detractors …but one of Bitcoin’s biggest advocates, Michael Saylor, had enough of the propaganda. Saylor wrote an open letter entitled, “Bitcoin Mining and the Environment.” Saylor tweeted out;
Given the sheer volume of misinformation & propaganda circulating lately, I thought it important to share the truth regarding #Bitcoin Mining and the Environment.
The relatively short open letter is addressed to “Journalists, Investors, Regulators, & Anyone Else Interested in Bitcoin & the Environment,” touched on 7 bullet points;
Bitcoin Energy Utilization
Bitcoin vs. Other Industries
Bitcoin Value Creation & Energy Intensity
Bitcoin vs. Other Cryptos
Bitcoin & Carbon Emissions
Bitcoin & Environmental Benefits
Bitcoin & Global Energy
Each topic shows how a number of environmental misconceptions about the Bitcoin network can be looked at in a different manner. Saylor stresses that Bitcoin miners should be looked at as wholesale consumers of energy compared to those who use energy in populated areas. Saylor also states that he believes the world produces a whole lot more energy than the planet actually needs.
“Approximately a third of this energy is wasted,” Saylor insists. “The last 15 basis points of energy power the entire Bitcoin Network – this is the least valued, cheapest margin of energy left after 99.85% of the energy in the world is allocated to other uses.”
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🎵BACKGROUND MUSIC licensed through AudioJungle & Epidemic Sound
🎥FOOTAGE licensed through VideoBlocks and Filmpac, except parts about the topic that have been used under fair use.
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FAIR-USE COPYRIGHT DISCLAIMER
Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, commenting, news reporting, teaching, scholarship, and research. Fair use is a use permitted by the copyright statute that might otherwise be infringing. Non-profit, educational, or personal use tips the balance in favor of fair use.
-This video has no negative impact on the original works (It would actually be positive for them)
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