Greenpeace vs. Bitcoin: why environmentalists dislike BTC
Why Greenpeace doesn't like Bitcoin
Greenpeace has been criticizing Bitcoin for years due to its so-called "lack of sustainability." However, the organization fails to see that the leading digital asset not only avoids harming the environment but also contributes positively to it.
From love to hate
Bitcoin and the world’s largest environmental organization have a long history. In 2014, Greenpeace decided to accept Bitcoin donations, praising the cryptocurrency for its low transaction fees compared to banks.
However, things changed in 2021 when Greenpeace decided to stop accepting BTC donations. For the first time, the organization raised concerns about the high energy consumption of the cryptocurrency.
“The energy required to run Bitcoin is growing significantly, and this policy no longer seems reasonable,” a Greenpeace representative said at the time.
Greenpeace vs. Proof-of-Work
Over time, Greenpeace’s statements about Bitcoin grew harsher. The organization began frequently citing claims like "Bitcoin consumes as much energy as a large European country."
In 2022, Greenpeace launched the "Change the Code, Not the Climate" campaign, urging Bitcoin to transition from the energy-intensive Proof-of-Work (PoW) algorithm to the more sustainable Proof-of-Stake (PoS). The organization pointed to Ethereum as an example, which had recently moved from mining to staking. In Greenpeace's view, Bitcoin had become the largest cryptocurrency still using an outdated and energy-hungry consensus mechanism.
The Bitcoin community largely ignored these attacks, and it appears this was the right move. According to recent data, the ETH/BTC price ratio on major exchanges has dropped to its lowest level since March 2021—0.032. From its 2024 peak, the ratio has declined by more than 47%.
A battle with Wall Street
Greenpeace's frustrations grew further at the start of this year when the U.S. Securities and Exchange Commission (SEC) approved a new investment tool: the spot Bitcoin ETF.
The organization criticized the decision, calling the Bitcoin ETF a new environmental threat. According to environmentalists, this was a victory for Wall Street but "a loss for the climate and society."
Loading...
Greenpeace believes Bitcoin’s growth threatens climate efforts
Greenpeace firmly asserts that Bitcoin’s increasing popularity poses "serious challenges to efforts to reduce carbon emissions and prevent the worst consequences of the climate crisis."
However, the conflict between environmentalists and Wall Street didn’t end there. In the summer of 2024, Greenpeace released a report calling on major Bitcoin-supporting companies to take responsibility for environmental pollution.
The organization named Trinity Capital, Stone Ridge Holdings, BlackRock, Vanguard, and MassMutual as the main "pollution sponsors," claiming these companies financially incentivize Bitcoin mining, thereby perpetuating environmental threats.
Greenpeace even managed to draw the attention of the International Monetary Fund (IMF), which in one of its reports suggested raising electricity taxes to "reduce emissions from cryptocurrency miners."
These cases highlight Greenpeace's ongoing concern about Bitcoin’s environmental impact. However, the organization is largely mistaken.
The benefits of Bitcoin mining
Bitcoin mining is not just about creating digital assets; it’s also a vital component of the modern economy. It ensures decentralized security and the resilience of the network, serving millions of users worldwide.
At the same time, mining companies are actively transitioning to renewable energy sources. Today, approximately 60% of the energy used for mining comes from clean sources such as solar, wind, and hydropower.
Bitcoin mining also drives innovation in the energy sector. For instance, companies have begun utilizing surplus energy that would otherwise go to waste. This improves energy system efficiency and reduces the carbon footprint.
Additionally, mining operations at oil wells or landfills help reduce methane emissions. By flaring associated gas or capturing methane, these companies significantly lower the greenhouse effect of this potent gas.
Instead of viewing Bitcoin mining as a threat, Greenpeace should recognize it as an essential tool for advancing sustainable technologies and financial innovation.
