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No Bitcoin: Mozilla will only welcome cryptocurrency contributions based on proof of stake.

13 Apr 2022 By : COIN GABBAR
No Bitcoin: Mozilla

No Bitcoin: Mozilla will only welcome cryptocurrency contributions based on proof of stake.

Just after uproar over Bitcoin led it to ban such payments earlier this year, the firm has chosen to resume collecting PoS currency.

Mozilla, the company behind the Firefox web browser, is aiming to placate its ecologically aware fanbase by only taking Proof-of-Stake (PoS) cryptocurrency payments. The firm had suspended all crypto donations in January but has recently resumed them following a review period to analyse community emotions and undertake research on bitcoin energy consumption. PoS blockchains use less than 1% of the power that Bitcoin does, albeit their efficiency varies, as revealed by a February analysis. Mozilla revealed in a blog post that, following a review, the company was modifying its contribution standards to align with its "climate goals." "Mozilla will no longer accept 'Proof-of-Work' cryptocurrencies, which are more energy-intensive," it added. Due to their energy-intensive nature, Proof-of-Work cryptocurrencies can considerably expand our GHG [greenhouse gas] footprint." The firm also stated that the decision was taken in accordance with its self-imposed January 2021 climate commitments, which seek to "substantially reduce our greenhouse gas impact year over year" until it achieves carbon-neutrality. "Mozilla's refusal to accept Proof-of-Work donations guarantees that our fundraising operations remain consistent with our emissions promise." By refusing all non-PoS crypto, Mozilla is effectively barring both Bitcoin (BTC), the most valuable cryptocurrency by market value, and Ether (ETH) – at least till the Consolidation happens in the following months and the blockchain embraces PoS. Mozilla indicated that it will publish a list of approved cryptocurrencies before the end of the second quarter of 2022. BNB Chain (BNB), Solana (SOL), and Avalanche are among the native currencies from the most prominent PoS chains (AVAX). Jamie Zawinski, Mozilla's founder, was one of the most prominent critics of the company's new crypto contribution policy. On January 4, he tweeted that Mozilla employees who are involved in taking Bitcoin "should be witheringly embarrassed" to work with the "planet-incinerating Ponzi grifters." Zawinski retired from Mozilla in 1999. Gabor Gurbacs, Director of Digital Strategy at American equity firm VanEck, slammed Mozilla's move to prohibit Bitcoin contributions. He labelled the action "misguided and virtue signalling in nature" in an April 12 tweet, adding that "Bitcoin is one of the cleanest enterprises out there." While Bitcoin consumes around 204.5 Terawatt hours (TWh) of energy every year, according to statistics from blockchain researchers at Digiconomist, the real impact on the environment is far more debatable. Proponents argue that miners who protect the network are assisting in the strengthening of energy grids and improving carbon efficiency, while operations themselves are progressively shifting to renewable energy. Expandable data centres, as revealed by Cointelegraph last month, maybe utilised for Bitcoin mining. To lessen the total environmental effect and load on the public energy system, adaptable data centres may switch between self-generated green energy and tapping into the public grid. Blockstream, the crypto storage business and Jack Dorsey's Bitcoin development firm Block Inc announced on April 8 that they will collaborate with Elon Musk's Tesla to establish a solar-powered BTC mining facility in Texas, the new hotspot of clean energy mining operations.