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Greenpeace stops accepting Bitcoin donations

Greenpeace, An international environmental NGO has stopped accepting Bitcoin as a means of donation. Greenpeace’s US division had been accepting BTC donations since 2014.

The organization made this decision as a result of Bitcoin’s high Energy consumption, their representative said. It is “no longer tenable” in light of the climate crisis.

“Greenpeace USA no longer accepts donations in the form of Bitcoin or any cryptocurrency,” says the donation page on BitPay.

Elon Musk, who announced last week Tesla was no longer accepting Bitcoin as a payment method for the same reason, has brought the crypto’s energy consumption problem back to the table.

It seems that lately, environmental concerns have been outweighing the benefits of exposure to new markets and donors. Larisa Yarovaya, a lecturer at Southampton University and a former Russian Paralympic swimmer, even went as far as suggesting that Bitcoin “should die for the common good.”

She says, “Bitcoin could be the first inefficient version of a disruptive technology. It should die for the common good of the planet and be replaced by a new model. It consumes more electricity than a country. All the rest is detail,” Yarovaya told Financial Times.

She further argued that Bitcoin’s energy consumption can’t be justified even by the coin’s high price since BTC is a speculative asset that does not “create a substantial amount of employment” nor is it widely used for transactions.

Some analysts continue to argue that where crypto mining is fueled by hydroelectric power and other clean sources, climate risks are less of an immediate concern. While over 70% of BTC mining does use some form of clean energy, renewables nonetheless account for under 40% of the total energy used in the Bitcoin sector. Moreover, off-grid and informal mining practices make the figure hard to quantify and keep tabs on.

 

 

Sources: Cryptoslate, Cointelegraph