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Sunday, August 7, 2022

Mozilla won’t Accept Ethereum, Bitcoin, And Other PoW As Cryptocurrency

Mozilla, the creators of the Firefox Browser have declared that they will refuse ‘proof-of-work’ cryptocurrencies, as they are energy-intensive. So cryptos like Bitcoin, Dogecoin, Ethereum, and Litecoin, are out of the list of acceptable crypto donations.

PoW cryptocurrencies involve high-end mining devices and types of equipment to function. That makes them very energy wasteful. Such mining centers release a large amount of carbon dioxide that ultimately affects the environment.

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Mozilla had decided to placate its ecologically conscious supporters by going only for PoS cryptocurrencies. The company had initially ceased accepting all crypto donations but decided to accept PoS after a period of research on the energy usage of cryptos and an assessment of the sentiments of its community.

PoS blockchains use up less than one percent of electricity as the PoW cryptocurrencies like Ethereum and Bitcoin. But they vary in efficacy, which was demonstrated in a report released in February.

Mozilla declared in a review on its blog that it was making an exchange in its policies for donations to stay on track with its commitments to the climate. It held that it was no longer accepting PoW cryptocurrencies, as they are extra energy-intensive. The company said that this move ensures that its effort to raise funds is aligned with its commitment to controlling emissions.

Mozilla Says That Its Decision To Block Pow Cryptocurrencies Based On Its High Consumption Of Electricity

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Experts say that Ethereum alone consumes 112 terawatt-hours a year. that is equal to the consumption of the Netherland. Just one Ethereum transaction is equal to the power consumed by an American household for 9 days.

Several popular PoS cryptocurrencies that Mozilla will accept include Solano, Polkadot, and Cardano. PoS allows only a few crypto miners to mine the currency. So it requires low computational power. The mining energy required is reduced significantly as high-tech equipment for mining is not required.

The decision is in line with Mozilla’s commitment to reduce greenhouse gas every year and move toward a zero-emissions pledge.

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