By
Bena Ilyas
April 25th, 2024
While Larsen’s push, according to many is to favor the growth of XRP coins, many miners are now exploring a renewable energy source to power their operations.
Chris Larsen‘s bitcoin-focused climate change campaign has gone sour as it has met with massive backlash from the broader cryptocurrency community. Dubbed the “Change the Code, Not the Climate” campaign, Larsen teamed up with independent global campaigning network Greenpeace and the Sierra Club to compel the Bitcoin community to change the premier coin’s source codes to a Proof-of-Stake (PoS) or a more energy-efficient one.
The billionaire founder has been trending on Twitter and the broader social media with prominent Bitcoin advocates believing the $5 million he is using to bankroll the campaign could have been better invested in Bitcoin itself. While Larsen has explained that his motives for the campaign are based on the fact he wants Bitcoin to succeed in the future.
There has been a very broad criticism of the energy consumption of the Bitcoin network which consumes as much power as the entirety of Sweden. While this has proven to be the subject of regulations across a number of jurisdictions, the core bitcoin proponents have often advocated that the perception that BTC consumes too much energy is a misconception borne out of the lack of knowledge about the protocol itself.
The Twist of the Chris Larsen’s Backlash
The backlash on Chris Larsen came from many angles. Messari founder, Ryan Selkis tagged Larsen Judas, saying he is trying to throw BTC under the bus after the coin literally fueled the wealth he has today.
https://twitter.com/twobitidiot/status/1508760692761022468
“Chris Larsen – who in a just society would be in jail for the bad faith investor misrepresentations he and his team made regarding their XRP sales – is spending money attacking the industry that created his ill-gotten multi-billion dollar fortune. Judas,” he said in the tweet.
While disappointment and anger have been the major reaction from the cryptocurrency ecosystem, a number of advocates also perceived insincerity in the approach of Larsen and his partner organizations. A renowned Bitcoin proponent on Twitter Jameson Lopp said he is yet to see the Bitcoin Improvement Proposal (BIP) lodged by Larsen with respect to the change in the source codes he wishes to change.
Tagging the Twitter profiles of Larsen and the major personalities involved in the campaign, Jameson tweeted:
“I am unable to find your Bitcoin Improvement Proposal submission, nor can I find any discussions initiated by you on the development mailing list. Please follow the process if you wish to be taken seriously.”
Many believed the emergence of Bitcoin is not just the start of the new world order in terms of the introduction of new money, but also a historic moment that seeks to give everyone a sense of financial equality, one that deviates from what legacy banking institutions can offer.
Moreover, a lot of ecosystems have been built around Bitcoin mining, and a number of miners may be running out of business should there be a switch from the current consensus model. While Larsen’s push, according to many is to favor the growth of XRP coins, many miners are now exploring a renewable energy source to power their operations while also offsetting their carbon footprints, a solution that maintains the status quo and also solves the climate change worries.