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Gate Blog
Your Gateway to crypto news and insights
Will Wiki stop crypto donations?
18 February 14:09
[TD; LR]
In a proposal from Wikipedia's longtime editor "Molly White," she argues that accepting crypto donations doesn't align with the foundation's effort to improve environmental sustainability, due to the negative effects of crypto mining in the environment, she also notes that cryptocurrencies are “inherently predatory” as investments.
The proposal emphasizes Bitcoin and Ethereum's enormous energy consumption, and their “Proof of Work (POW)” consensus model, which has long been analyzed for its environmental impact.
Why is "The Wikimedia Foundation being urged to stop accepting cryptocurrency donations?
The opposition was led by a proposal submitted by Wikipedia's longtime editor,
"Molly White" who edits under the username "Gorilla Warfare." She requests to end the Wikimedia Foundation’s acceptance of crypto donations.
White proposed three major reasons as to why the organization should end the acceptance of crypto donations:
- White suggests that Wikimedia's acceptance of cryptocurrency indicates an “endorsement of the cryptocurrency space” which she perceives as the use of "investments and technology that are inherently predatory."
- White proclaims that cryptocurrencies don’t align with Wikimedia's commitment to improving environmental sustainability (due to cryptocurrency's enormous use of energy)
- White also notes that there are risks of damaging the Foundation's reputation if the acceptance of cryptocurrency is continued.
Environmental impacts of Cryptocurrency | Wikimedia
White particularly singled out Bitcoin and Ethereum's need for enormous amounts of energy and how much negative impact they have on the environment.
The Bitcoin network, in particular, consumes more energy than most countries per year. Its “Proof of Work (PoW)” consensus algorithm has long been analyzed for its damage to the environment. Bitcoin mining alone produces an immense amount of electronic waste, just as Bitcoin transactions burn billions of fossil fuels, which in turn, adds to the carbon in the atmosphere and worsens climate change.
Ethereum network energy usage is also considered high and unsustainable, due to the "Proof-of-work energy expenditure."As of January 10, 2022, it was estimated to consume roughly 106 terawatt-hours of energy every year.
Which explains why White stated that the duo's current use of (POW) algorithm will continue to be of extreme damage to the environment, thus — urging the Wikimedia Foundation to put an end to the acceptance of cryptocurrency.
However, the Ethereum network has been working towards transitioning to a more eco-friendly consensus mechanism known as the “Proof of Stake” algorithm, because it utilizes lower energy, and even though the transition has been guaranteed for years, it's still unavailable.
Conclusion
Author: Gate.io Observer：M. Olatunji
Disclaimer:
* This article represents only the views of the observers and does not constitute any investment suggestions.
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.
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