Greenpeace voices environmental concerns on Bitcoin ETFs
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Greenpeace USA has raised concern about the US Securities and Exchange Commission’s (SEC) approval of Bitcoin spot exchange-traded funds (ETF) from BlackRock and Fidelity. This approval will likely increase investment in Bitcoin, leading to a higher environmental impact due to increased energy consumption and carbon emissions from Bitcoin mining activities.
Our statement on the @SECGov's #Bitcoin ETF approvals. This is a win for Wall Street executives but a loss for the climate and society.
— Greenpeace USA (@greenpeaceusa) January 11, 2024
It is incumbent on @BlackRock & @Fidelity to play an active role in solving Bitcoin's pollution problem.https://t.co/AudLXWUT8S
Rolf Skar, National Campaigns Director at Greenpeace USA, said, “The approval of the Bitcoin ETFs is a watershed moment in the financial services industry’s embrace of polluting Bitcoin. Without substantial and measurable changes to Bitcoin mining industry practices in the near term, this presents serious challenges for our efforts to reduce carbon emissions and avert the worst consequences of the climate crisis.
He added: “As Bitcoin scales, it is incumbent on BlackRock, Fidelity, and all financial institutions investing in Bitcoin, to play an active role in solving its carbon emissions problem and ensure that the mining industry makes serious efforts to rein in its use of fossil fuels.”
“When Bitcoin’s price goes up, so does its environmental impact. More electricity is used by miners competing to win more valuable Bitcoin rewards in the giant guessing game called Proof-of-Work mining. That electricity is predominantly generated by fossil fuels which leads to more carbon emissions and water use. SEC’s approval of a Bitcoin ETF is a win for executives at big Wall Street companies but a loss for the climate and society,” notes Rolf Skar.
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