Ripple Co-Founder Donates $5M to Environmental Campaign Against Bitcoin Mining - BitcoinEthereumNews.com
Chris Larsen – angel investor and co-founder of Ripple – is funding an environmental campaign to change Bitcoin‘s code. Using his funds, a consortium of environmental groups will run ads across major newspapers to convince miners, software developers, and others to drop the network’s ‘proof of work’ consensus mechanism. Explaining Proof of Work To be clear, the environmental ‘lobby’ seeks not to end Bitcoin itself, but to see it shift toward a less energy-intensive security model. Former Sierra Club Director Michael Brune, who is advising the campaign, claims that Bitcoin is contributing too much to global warming in light of the severity of climate change. “It‘s important for anyone in a position to act, to act,” he said, as की रिपोर्ट by the Wall Street Journal. “You can’t ignore that we are in a climate emergency.” Bitcoin‘s proof of work requires network users to compete at solving a highly difficult math problem for permission to create the next block. The winer is rewarded with newly minted Bitcoin, as well as proceeds from the network’s recent transaction fees. To solve the problem fastest, miners must spend more computational energy than their competitors. Overall, the mechanism‘s purpose is to make it costly for users to propose a