Greenpeace and Crypto Billionaire Launch $5M Campaign to Push Bitcoin Away from Proof of Work

On March 29, 2022, an unlikely coalition of environmental organizations and a crypto billionaire launched a $5 million public pressure campaign aimed at forcing Bitcoin to abandon its energy-intensive Proof of Work consensus mechanism. The campaign, dubbed Change the Code, Not the Climate, represents one of the most coordinated efforts to date to address Bitcoin’s growing environmental footprint — and it landed on a day when the broader crypto market was already rattled by the record-breaking $625 million Ronin Network hack.

TL;DR

• Ripple co-founder Chris Larsen funded a $5M campaign with Greenpeace USA and EWG to push Bitcoin toward Proof of Stake
• Bitcoin consumes as much electricity as Sweden, Greece, or the Netherlands annually (Cambridge University estimates)
• Campaign argues just 50 key miners, exchanges, and developers could trigger a code change, as happened in 2017
• Ethereum was already transitioning to Proof of Stake, which uses 99.9% less electricity
• Ads ran in Wall Street Journal, New York Times, Politico, and on Facebook targeting major Bitcoin influencers

The Campaign and Its Backers

The Change the Code, Not the Climate initiative was spearheaded by the Environmental Working Group (EWG) and Greenpeace USA, with significant financial backing from Chris Larsen, the billionaire co-founder of Ripple. The campaign launched with a website at cleanupbitcoin.com and a coordinated advertising blitz across major financial and political publications including the Wall Street Journal, New York Times, MarketWatch, and Politico, as well as targeted Facebook ads.

The ads pulled no punches. One read: Bitcoin: Proof that Money Is Not Always Green. Another asked: Does Bitcoin Actually Use More Power Than All of Sweden? A third directly called out Jack Dorsey: Hey Jack Dorsey. You Could Help Stop Bitcoin’s Pollution With a Tweet. Fidelity Investments was also targeted with the message: The Planet’s Not Ready for Early Retirement.

The Energy Argument

At the heart of the campaign is Bitcoin’s staggering energy consumption. According to estimates from the University of Cambridge, Bitcoin’s Proof of Work mining operations consume roughly as much electricity in a year as entire mid-sized countries like Sweden, Greece, or the Netherlands. And unlike traditional industries, Bitcoin’s energy use scales with its price — meaning that as Bitcoin becomes more valuable, its environmental impact grows proportionally.

A study published in Nature Climate Change estimated that if Bitcoin adoption becomes widespread, its energy consumption alone could push global warming beyond the critical 2-degree Celsius threshold for climate catastrophe. The campaign pointed out that about 50 key Bitcoin miners, exchanges, and core developers hold the power to change Bitcoin’s code — something that was demonstrated during the 2017 scaling debate and subsequent hard forks.

Ethereum Leading the Way

The campaign’s most potent argument was the example set by Ethereum, the second-largest cryptocurrency. At the time of the launch, Ethereum was in the process of transitioning from Proof of Work to Proof of Stake — a move that was projected to reduce its energy consumption by 99.9%. The Merge, as it would come to be known, eventually took place in September 2022, delivering on that promise and demonstrating that a major blockchain network could successfully change its consensus mechanism without losing functionality or user trust.

While Ethereum was leading the charge, many smaller cryptocurrencies had already adopted energy-efficient consensus mechanisms, making Bitcoin’s continued reliance on Proof of Work increasingly conspicuous.

The Mining Migration Problem

The campaign also highlighted the real-world consequences of Bitcoin mining in the United States. After China banned cryptocurrency mining in 2021, a significant portion of mining operations relocated to the US, where some operators began purchasing aging coal-fired power plants that were scheduled for retirement. Others turned to coal waste, which emits up to 50% more greenhouse gases than standard coal, or fracked natural gas. In some communities, electricity prices surged as massive mining operations competed for local power supplies.

Market Context on March 29

Despite the environmental campaign and the simultaneous news of the devastating Ronin hack, crypto markets showed resilience on March 29. Bitcoin held steady at approximately $47,465, gaining 0.6% on the day, while Ethereum rose 2.1% to trade around $3,402. Total spot trading volume across major exchanges reached $1.31 billion according to Kraken’s daily market report, significantly above the 30-day average of $935 million. Among the day’s notable performers were Aave, which surged 33% to $223.33, Compound gaining 20% to $147.42, and Waves climbing 16% to $50.38.

Why This Matters

The Change the Code, Not the Climate campaign marked a pivotal moment in the ongoing debate over Bitcoin’s environmental impact. For the first time, mainstream environmental organizations with massive grassroots reach were joining forces with a crypto industry insider to pressure Bitcoin’s core stakeholders directly. While the campaign did not succeed in changing Bitcoin’s consensus mechanism, it brought the energy debate squarely into the mainstream financial press and forced major investors and institutions to reckon with the environmental costs of their crypto holdings. The campaign also foreshadowed the growing regulatory scrutiny Bitcoin mining would face in the years ahead, as governments worldwide began grappling with the industry’s carbon footprint and its impact on local power grids. The contrast with Ethereum’s upcoming Merge only sharpened the argument: if the second-largest crypto could go green, why couldn’t Bitcoin?

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always do your own research before making investment decisions.