Anti-Bitcoin Campaign by Greenpeace Fails

The Suspension of the Change The Code Campaign: A Reflection on Bitcoin and Environmental Advocacy

The Change The Code campaign was launched a couple of years ago by Greenpeace USA in collaboration with other environmental organizations. Among its financiers was no other than Ripple co-founder Chris Larsen and aimed to pressure the Bitcoin community to change the code of Bitcoin from POW (Proof-Of-Work) to POS (Proof-Of-Stake) mechanism despite the numerous disadvantages of the latter. It was masked as an appeal to the community to adopt a more environmentally friendly consensus model but in reality, it was about crippling the effectiveness and security of the Bitcoin protocol. In this sense, I am very happy to report that as of December 2024, the campaign has been suspended, marking a significant moment in the ongoing debate surrounding Bitcoin’s environmental impact.

Background of the Campaign

Launched in March 2022 with substantial financial backing from Ripple co-founder Chris Larsen, the campaign sought to address concerns about Bitcoin’s energy consumption and its reliance on fossil fuels. Greenpeace’s messaging emphasized that if key industry players could agree to change Bitcoin’s code, it could significantly reduce its environmental footprint. The campaign’s slogan, “Change the Code, Not the Climate,” encapsulated its mission to shift Bitcoin towards a low-energy protocol.

At the time, even our favourite conspiracist – Elon Musk, chipped in the conversation when he single-handedly crashed the price of the cryptocurrency by selling off a big chunk of Tesla’s BTC holdings.
He tweeted about it and made his point quite loud on the platform.

Alex de Vries was publishing commentaries against Bitcoin that the press spread relentlessly and that have now been debunked . Then we learned that in March 2022, Ripple executive chair Chris Larsen gave GreenpeaceUSA $5Million to launch an anti-Bitcoin campaign.

All of these efforts to destabilize trust in the flagship cryptocurrency.

Reasons for Suspension

After nearly two years of campaigning, Greenpeace USA has ceased all activities related to Change The Code. The campaign has not released any posts or updates for over six months, leading many to conclude that it was ineffective. Reports indicate that Greenpeace squandered approximately $5 million on this initiative without achieving any meaningful changes in Bitcoin’s code or influencing major financial institutions to alter their stance on Bitcoin.

Several factors contributed to the campaign’s failure:

Misleading Claims: Initial assertions that Bitcoin mining predominantly relied on coal and reactivated mothballed fossil fuel plants were later discredited. Research indicated that a significant portion of Bitcoin mining utilizes renewable energy sources.
Underestimating Community Resistance: The decentralized nature of Bitcoin meant that attempts to shame corporations into compliance were largely ineffective. The community rallied against these tactics, showcasing a robust defence of Bitcoin’s value proposition and environmental benefits.
Lack of Support: While Greenpeace USA spearheaded the campaign, it did not receive widespread backing from other branches of Greenpeace or significant environmental organizations. This lack of unified support diminished its impact.

Lessons Learned

The suspension of the Change The Code campaign serves as a crucial learning point for environmental advocacy within the cryptocurrency space. Several key takeaways include:

Peer-reviewed studies have shown that Bitcoin mining can have positive environmental impacts, such as stabilizing power grids and facilitating the transition to renewable energy sources. Misinformation can undermine credibility and hinder constructive dialogue. The Bitcoin community demonstrated resilience and solidarity against external pressures. Grassroots movements within the ecosystem effectively countered narratives that painted Bitcoin solely as an environmental villain.
Analysts estimate that Greenpeace may have faced a loss of approximately $35.7 million annually in funding due to alienating younger generations who are increasingly supportive of cryptocurrency innovations.

Future Outlook

Despite the suspension of Change The Code, there is potential for renewed discussions around sustainable practices within the cryptocurrency industry. Some major companies are already exploring ways to utilize otherwise wasted renewable energy through Bitcoin mining. This shift could align better with broader climate goals while addressing concerns about energy consumption in cryptocurrency operations.

Sources:
[1] https://www.batcoinz.com/p/anti-bitcoinchange-the-code-campaign
[2] https://stacker.news/items/808697
[3] https://cointelegraph.com/news/greenpeace-ripple-co-founder-campaigning-to-change-bitcoin-code
[4] https://www.greenpeace.org/usa/change-the-code-not-the-climate-greenpeace-usa-ewg-others-launch-campaign-to-push-bitcoin-to-reduce-climate-pollution/
[5] https://www.cbn.gov.ng/out/2021/ccd/volume%203%20number%202%20cbn%20update%20february%202021.pdf
[6] https://www.batcoinz.com/p/anti-bitcoinchange-the-code-campaign/comments?triedRedirect=true

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