Traditionally, we’ll start with the backstory. A new wave of criticism of cryptocurrencies based on the Proof-of-Work consensus algorithm, which requires serious power consumption due to the operation of computing equipment, began in January 2022. That’s when Wikipedia editor Molly White proposed to stop interacting with digital assets. The reason for this was the allegedly negative impact of crypto mining on the environment.


It is important to note that other areas of humanity like construction, shipping, medicine and the financial sector use far more energy than Bitcoin mining. Why critics don't bring this up is unknown. Apparently, the popularity of digital assets along with the lack of understanding of the importance of coins on the part of "experts" is having an effect. Here is a comparison of energy consumption.

A comparison of Bitcoin miners’ energy consumption with other areas

Be that as it may, a vote among the Wikimedia Foundation members was nevertheless launched. In this way, the author of the initiative wanted to remind that the foundation’s association with crypto puts its commitment to environmental safety at risk. And now the situation has come to a close.

Who criticises cryptocurrencies

The community first opened up its views on 10 January, expanding the discussion to other topics. For example, they discussed El Salvador’s adoption of BTC as legal tender, cryptocurrencies as a tool for illegal financial activity, and the role of digital assets in financial inclusion. However, most focused specifically on the sustainability aspect of Bitcoin and altcoins.

Here is a quote from the Wikimedia Foundation’s discussion, which helps to get a sense of what is going on. The replica was published by the news outlet Cointelegraph.

Cryptocurrencies may not be in line with the Wikimedia Foundation’s commitment to environmental stewardship. Bitcoin and Etherium are two of the most popular cryptocurrencies, and both are based on the Proof-of-Work algorithm, which consumes a lot of electricity. Existing cryptocurrency models continue to be hugely damaging to the environment.


It is worth recalling that Etherium is due to switch to Proof-of-Stake in 2022. The event is expected to take place in the third quarter. An update from the developers on the process of moving the blockchain to the new consensus algorithm is described in this article.

A thread with a vote on the problem

Among the counterarguments were statements that the organisation as a whole could accept crypto based on Proof-of-Stake. This algorithm consumes thousands of times less resources and is therefore more suitable for environmental preservation. However, the majority still argued in favour of banning crypto donations. Here are, for example, the arguments of a supporter under the nickname TrueAnonyman.

The financial impact of stopping crypto donations would be minimal, and far outweighed by the reputational damage to Wikimedia if it is seen to be supporting a technology that is so strongly associated with various environmental and social issues.

Wikimedia Foundation conference

For the organisation, donations in digital assets amounted to $130,000 last year, or 0.08 per cent of all its revenues. However, we don’t think that the adoption of such a proposal was logical.

After all, Bitcoin is already becoming more “green” and environmentally efficient, as miners have a direct interest in finding alternative energy sources. Well, Proof-of-Stake consensus cryptocurrencies like Solana, Avalanche and Fantom use almost no energy – especially when compared to PoW blockchains.

Anatoly Yakovenko, CEO of Solana Labs


We think such decisions are too radical and once again prove the lack of understanding of the importance of decentralised digital assets by people outside the blockchain sphere. The criticism of mining seems particularly strange given how tiny a share of the world's energy is spent by BTC miners compared to other global spheres. All in all, it seems like a desire to deliberately damage the reputation of an unloved field that, on top of that, threatens a modern financial system whose leaders have already proven to be incompetent.

What do you think about it? Share your opinion in our millionaires’ cryptochat. There we will talk about other topics related to the blockchain industry.