Mozilla Deters From Accepting Bitcoin and Ethereum as Cryptocurrency Donations

Share This Post

The parent of the Firefox internet browser, Mozilla, in efforts to streamline energy consumption, will only be accepting proof-of-stake (PoS) cryptocurrency donations. The company froze all their crypto donations in January to boost its eco-conscious efforts. However, after reviewing the energy usage around the same, Mozilla opened these requests and undertook some changes. One of these was that the company would not accept proof-of-work (PoW) cryptocurrencies that require more energy. It further translates crypto donations like Bitcoin, Ethereum, Litecoin, Dogecoin, and others that will not be accepted. 

Mozilla to no longer accept PoW donations 

PoW is highly energy-driven and, therefore, requires high-end tech and mining operations, which further emit large amounts of carbon dioxide, adversely impacting the environment. Therefore, taking necessary action on the same, in its blog post, Mozilla said that they would no longer accept the proof-of-work cryptocurrencies due to their energy-intensive nature. 

The changes include, “Mozilla will no longer accept ‘proof-of-work’ cryptocurrencies, which are more energy-intensive. Mozilla will accept ‘proof-of-stake’ cryptocurrencies, which are less energy-intensive. Mozilla will develop and share a list of cryptocurrencies we accept by the end of Q2 2022.”

Mozilla is on its path to fulfilling its zero energy emissions objective

This comes after Mozilla pledged in January 2021 to reduce its greenhouse gas footprints year-over-year. Mozilla is chasing its goal of accomplishing the Paris Climate Agreement’s net-zero emissions objective. The first change that was implemented was to change the company’s crypto donation policy. Moreover, their decision to refuse the PoW crypto donations comes at a time when their fundraising efforts are in line with its carbon reduction goals. By rejecting PoW donations, Mozilla has declined popular cryptocurrencies like bitcoin and ether. 

As per the data received from Digiconomist, Bitcoin consumes over 204.5 terawatt-hours (TWh) of energy every year; however, its impact on the environment is far worse. However, to secure the network and reduce carbon emissions, miners are working on strengthening the energy grids and transitioning to renewable energy. On the contrary, Ethereum is currently altering its infrastructure to reduce energy usage by 99%. Its developers intend on accomplishing this by switching from PoW to PoS architecture. At the moment, it is unclear when this shift will be taking place. 

Nitish Vaibhav
Nitish Vaibhav
Nitish Vaibhav is the Founder of the The Trading Bay. A computer science engineer turned an Entrepreneur 5 years ago. He has been in trading since 4 years in Forex and Crypto using his price action strategies. Involved in Content Creation full time for 3 years, Nitish is top rated writer on many content writing websites. He is also a YouTuber in India making videos about Crypto and Forex.

Related Posts

Top 5 Small Cap Stocks You Must Watch in 2023

While the world eagerly follows the trail of renowned...

Best Web 3.0 Crypto Coins to Invest in 2023

Web 3.0 is ushering in a new era of...

Crypto Tax Regime: A Guide to The Tax on Cryptocurrencies in 2023

Over the past few years, while cryptocurrencies have gained...

Top 7 Emerging Industries to Invest in For the Next 10 Years

Individuals who made strategic investments in some industries a...

What is Forex Algorithmic Trading: Basics and Strategies

Over the course of years, the forex trading industry...
Would love your thoughts, please comment.x