Greenpeace's latest report sheds light on Bitcoin (CRYPTO:BTC) mining's substantial carbon footprint, exacerbated by financial backing from major Wall Street institutions like BlackRock and Vanguard.

Despite Bitcoin's decentralised ethos, these firms' investments contribute significantly to over 1.7 million metric tons of CO2 emissions annually.

The report advocates for shifting away from the energy-intensive Proof-of-Work consensus mechanism to greener alternatives like Proof-of-Stake, albeit with considerations for security implications.

To mitigate environmental impact, some mining companies are exploring renewable energy sources, while ongoing research aims to enhance the efficiency of current mining technologies.

Moving forward, transparency, sustainable practices, and collaborative efforts among miners, financiers, and regulators will be crucial in fostering a more environmentally responsible crypto ecosystem.