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Can banks push Bitcoin to clean up its act?

Rows of Bitcoin mining machines on shelves with wires hanging from them
Rows of Bitcoin mining machines at a facility in Rockdale, Texas, on October 9th, 2021.  | Photo by Mark Felix / AFP via Getty Images

It’s time for banks and asset managers to start pushing Bitcoin to clean up its pollution, Greenpeace argues in a new report. The environmental organization wants to see Bitcoin change its code to slash energy consumption and greenhouse gas emissions. That’s a big ask, but Greenpeace argues that financial institutions could have an outsize influence on the Bitcoin network through its business dealings.

“The report focused on nine major financial institutions that are providing the glue that keeps the Bitcoin ecosystem together,” says Joshua Archer, who leads Greenpeace USA’s Bitcoin campaign. “Financial institutions have an important responsibility, but they’re currently ignoring the severity of the problem.”

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