Bitcoin

New $1M advertisement against Bitcoin mining following Ethereum’s Merge

Climate groups want Bitcoin to follow Ethereum into switching from Proof-of-Work to Proof-of-Stake consensus mechanism. The groups have announced a new $1 million ad campaign targeted at pressuring Bitcoin and companies like Fidelity, PayPal and Jack Dorsey’s Block to help push the agenda. Bitcoiners already scoffed at the calls when the campaign “Change the Code,…

Climate groups want Bitcoin to follow Ethereum into switching from Proof-of-Work to Proof-of-Stake consensus mechanism.
The groups have announced a new $1 million ad campaign targeted at pressuring Bitcoin and companies like Fidelity, PayPal and Jack Dorsey’s Block to help push the agenda.
Bitcoiners already scoffed at the calls when the campaign “Change the Code, Not the Climate” first launched in March.

It was bound to happen and so it has.

A new campaign is underway targeting Bitcoin’s energy use as a proof-of-work (PoW) network. After Ethereum launched the Merge software upgrade, the debate gained new momentum. This Merge is a proof of stake (PoS), blockchain.

And as Ethereum cuts its energy consumption by 99. 95%, which Ethereum co-founder Vitalik Buterin confirmed will reduce global consumption by 0.2%, a host of environmental groups want Bitcoin to follow suit.

Bitcoin is an ‘outlier’, group claims

A statement published on Thursday by the Environmental Working Group, says a $1 million ad campaign has been launched to push for a rethink of Bitcoin’s “outmoded” PoW consensus mechanism.

Apart from online advertisements, the initiative through Greenpeace is petitioning Fidelity Investments – which recently added Bitcoin to its clients’ retirement (401(k)) accounts – to push for a PoW-to-PoS transition for BTC. The release also mentions PayPal and Jack Dorsey’s Block (formerly Square Inc.).

“Change the Code, Not the Climate” director Michael Brune said Bitcoin needs to look at the climate crisis and take its responsibility. He noted:

“With fires raging around the world and historic floods destroying lives and livelihoods, state and federal leaders and corporate executives are racing to decarbonize as quickly as possible. Ethereum has proven that it is possible to move to an energy-efficient protocol without causing climate, water and air pollution. For years, other cryptocurrency protocols have used efficient consensus mechanisms. Bitcoin is now the exception, refusing to take responsibility for its climate change. “

According to the “Change the Code, Not the Climate” group, discussions involving Congress and the Biden administration are taking place as they try to push the campaign goal.

Bitcoiners already put it to the group after the $5 million anti BTC campaign’s launch in March that no such thing will happen. People pointed out that Bitcoin mining is already green all over the world.

Darin Feinstein, the co-founder of blockchain-focused firm Core Scientific, explained why Greenpeace should have been fighting for Bitcoin and not against it. His tweet in March:

#Greenpeace should be fighting for #Bitcoin #Bitcoin

Banks the unbanked

Provides private property to the repressed

Eliminates censored transactions

Allows everyone to posses money that does not debase

Is unseizable

Strengthens the people

Uses just . 0014 of the worlds energy pic.twitter.com/bFzgjxRJaw

— Darin Feinstein (@DarinFeinstein) March 29, 2022

So, will Ethereum’s merge give the “Change the Code, Not the Climate” campaign the thrust it hopes to get to make “the change” happen? .

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Bitcoin

Uniswap unveils own layer-2 network Unichain, UNI price soars 11%

Uniswap has launched its layer-2 network called Unichain The OP Stack-powered L2 is in testnet and is designed to improve transaction speed, lower costs, and boost liquidity UNI token’s price surged to $8.14, its highest level in over two months Uniswap, a leading decentralized exchange platform, has announced a major development for its network and…

Uniswap has launched its layer-2 network called Unichain
The OP Stack-powered L2 is in testnet and is designed to improve transaction speed, lower costs, and boost liquidity
UNI token’s price surged to $8.14, its highest level in over two months

Uniswap, a leading decentralized exchange platform, has announced a major development for its network and ecosystem.

The news helped Uniswap’s native token UNI to soar double digits on Thursday.

On October 10, the Uniswap team revealed that the DEX platform was looking to launch its layer-2 network on Ethereum. The L2, dubbed Unichain, is earmarked for decentralized finance (DeFi).

Per the Uniswap Labs announcement, its a solution to transaction speed and costs for the exchange’s users. Also key to the launch is the question of liquidity.

Introducing @unichain — a new L2 designed for DeFi ✨

Fast blocks (250ms), cross-chain interoperability, and a decentralized validator network

Built to be the home for liquidity across chains pic.twitter.com/lqfJh6Ltio

— Uniswap Labs 🦄 (@Uniswap) October 10, 2024

Unichain is powered by Optimism’s OP stack and offers one-second block times. Sub-block times of 200-250 milliseconds is also part of the development.

Uniswap Labs wrote on X:

“This type of speed isn’t just great for UX, it also improves market efficiency and lowers value lost to MEV.”

Uniswap has partnered with OP Labs for native interoperability, with this enabling implementation of cross-chain messaging and cross-chain liquidity. The platforms plan to bolster the ecosystem’s connectivity with cross-chain swapping across the Uniswap interface and wallet.

According to details in today’s announcement, the Unichain testnet is live, while the mainnet will go live later in Q4, 2024.

UNI price soars 11%

Native Uniswap DEX token UNI is among the top gainers in the crypto market. This follows a price explosion for the cryptocurrency after the news emerged.

With most altcoins down on the day or struggling for upside, UNI spiked more than 11% to hit highs last seen in July 2024. The token’s surge to the multi-month high of $8.14 saw Uniswap rank as the top performing coin among top 100 coins by market cap.

UNI traded around $8.05 at the time of writing, still up by more than 9%.

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Bitcoin

Fundstrat’s Tom Lee Predicts Bitcoin Bull Market Surge Due to Supply Shock

Tom Lee, CIO of Fundstrat Capital, a financial research firm, has predicted that the bitcoin bull market will continue in December and announced that the first cryptocurrency will reach “well over $100,000” by year-end. Tom Lee Forecasts Bitcoin Reaching $100,000 By Year’s End in All-Asset-Encompassing Bull Market The bull market predictions for bitcoin prices keep [……
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