According to a World Economic Forum (WEF) tweet, “changing Bitcoin’s encoding could almost eliminate its environmental impact.” This statement comes from a tweet published by the WEF on April 26, with an accompanying video claiming that “miners could use their own bitcoins to verify transactions.”

WEF on Bitcoin proof-of-work: A “fundamental change in coding” could eliminate “most of the network’s power requirements”.

Recently, there has been much discussion about the energy consumption of cryptocurrency miners and how it affects the global environment. Recently, politicians and regulators have targeted the mining industry. Additionally, global environmental campaign network Greenpeace, with the help of Ripple Labs co-founder Chris Larsen, launched a campaign to change Bitcoin’s code to make it more environmentally friendly. The web portal cleanupbitcoin.com states:

You’ve heard that Bitcoin is fueling the climate crisis, but did you know that a software code change could clean it up?

The World Economic Forum (WEF) has shown its support for Greenpeace’s “Change the Code, Not the Climate” campaign. On April 26th the WEF tweeted about the possibility of Bitcoin moving to a Proof-of-Stake (PoS) network. The same WEF that promoted the “Great Reset” agenda shared an accompanying video clip claiming “miners could use their own bitcoins to verify transactions.”

A simple “radical change in coding” could “eliminate most of the network’s power requirements in one fell swoop,” the video says. The WEF’s video mentions the Greenpeace-led “Change the Code” effort and activists believing the controversial idea is possible.

World Economic Forum Shares Video About Bitcoin Code Change to Proof-of-Stake
Excerpts from the WEF’s latest video on Bitcoin’s codebase change.

The WEF video and blog post drew heavy criticism from cryptocurrency advocates following its release. A number of people said the Swiss-based WEF’s talking points had flaws in the assumptions that underpinned the group’s entire theory.

“The authors of this article are really confused about the fundamentals,” said Blockstream co-founder and CEO Adam Back reply to the WEF tweet. In response to Back’s comments a person stressed:

Adam, I don’t think you’re confused. I think they know exactly what the hell they’re doing. It’s a calculated, well-orchestrated attack on Bitcoin.

Back noted that either way, the WEF’s arguments are “economically confused” and the statements “should be debunked scientifically for that reason.”

“They should be ashamed of saying such nonsense so they can at least have a discussion while staying coherent,” the Blockstream co-founder said insisted. In addition to Back’s comments, Microstrategy CEO Michael Saylor had also responded to the WEF’s tweet and video about the move from Bitcoin to PoS.

“If you remove the energy from anything useful, you can almost eliminate its environmental impact,” says Saylor called. “This is most common in fantasy novels and computer games. Real airplanes, trains, cars, houses, food, medicines, machines and money all benefit from energy. Real people too.”

Plan B Says Bitcoin Misinformation Agrees With WEF Mission

The creator of the Bitcoin Stock-to-Flow (S2F) pricing model, Plan B, also rubbed the “Great Reset” agenda of the WEF into the conversation. Plan B called: “At least this WEF attack… [or] Misinformation about Bitcoin is consistent with WEF mission.”

World Economic Forum Shares Video About Bitcoin Code Change to Proof-of-Stake
Plan B tweet in reply to WEF tweet on Wednesday 27 April 2022.

Attached to the text of plan B was a photo of controversial WEF tweet about the Great Reset saying, “You will have nothing and you will be happy. This is how our world could change by 2030.” However, the WEF tweet was deleted by the owner of the Twitter account and only exists on archive.org’s Wayback Machine.

tags in this story

Adam Back, Bitcoin Code, Bitcoin Mining, Blockstream CEO, Chris Larsen, cleanupbitcoin.com, Climate Agenda, Climate Crisis, Code Change, Environment, Environmental Impact, Great Reset, Greenpeace, Michael Saylor, Microstrategy CEO, Mining Bitcoin, Plan B, PoS, PoW , Proof of Work, Proof-of-Stake, Co-Founder of Ripple Labs, Switzerland-based WEF, WEF, WEF Agenda, WEF Mission, WEF Tweet, World Economic Forum

What do you think of the World Economic Forum’s latest tweet about the change in Bitcoin’s code base and the miners using bitcoins to verify transactions? Let us know what you think about this topic in the comment section below.

Jamie Redman

Jamie Redman is the news director at Bitcoin.com News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about today’s emerging disruptive protocols.




photo credit: Shutterstock, Pixabay, WikiCommons

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