Debates around the environmental impact of Proof-of-Work-based cryptocurrencies, including bitcoin, continue to rage within the cryptosphere. Consequently, several voices are raised to demand the banning of their mining or the passage of their blockchains to Proof-of-Stake (PoS). Mozilla has just given its support to this alternative by declaring that it will now only accept donations of PoS-based cryptocurrencies. The company's decision has drawn heavy criticism from bitcoin supporters.
A decision motivated by the company's new climate commitments
In a recent blog post, the company behind the Internet browser Firefox announced that it has just changed its cryptocurrency donation policy. Indeed, Mozilla has decided that it must comply with its climate commitments. “ Mozilla will no longer accept 'Proof-of-Work' cryptocurrencies, which are more energy intensive. Proof-of-Work cryptocurrencies can significantly increase our GHG [greenhouse gas] footprint due to their energy-intensive nature . Instead of these, Mozilla has let it be known that it will only accept their PoS-based counterparts .
According to a report published last February, blockchains based on PoS consume less than 1% electricity than those using consensus PoW like the Bitcoin network. The main victim of the decision taken by Mozilla is none other than bitcoin and to a lesser extent ether. The altcoin should nevertheless be eligible for donations in cryptocurrencies accepted by the company once its transition to PoS is effective. In addition, Mozilla will publish by the end of the second quarter of the year a list of cryptocurrencies native to PoS blockchains that it accepts .
Bitcoin is one of the greenest technologies out there
Director of digital strategy for the investment company VanEck, Gabor Gurbacs did not hide his dissatisfaction with the change made in Mozilla's donation policy. He particularly criticized the fact that this decision primarily censors bitcoin. In a tweet published on April 12, Mr. Gurbacs also assured that Bitcoin is one of the greenest technologies that exist. While suspecting the company of trying to please bitcoin critics , the VanEck executive called the decision “ misguided and a signal of virtue in nature .”
Earlier this year, Mozilla had already temporarily suspended cryptocurrency donations to gauge community sentiment about their energy consumption. In response to criticism of PoW-based cryptocurrency mining, several companies in the cryptosphere are currently working to reduce the carbon footprint of the activity. This is particularly the case of Block, Blockstream and Tesla who have joined forces to mine bitcoin using solar energy.
Source: Cointelegraph
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