Technology
A German software developer gave a political party $1.2 million in ‘undeserved' Bitcoin.
A German citizen who views his Bitcoin profits as "undeserved wealth" has donated over $1 million to the country's green political party.
Moritz Schmidt, a software developer from the northeastern town of Greifswald, has donated 1 million euros ($1.2 million) to Germany's green party, known as The Greens or Alliance 90, according to Hamburg-based news outlet Die Zeit. Schmidt made significant gains during the Bitcoin (BTC) bull run, according to a party spokesperson, but instead of hoarding his crypto, he wanted to contribute to causes related to environmental and climate protection.
The donor has made it clear to us that he sees these profits as undeserved wealth that he does not claim for himself, but wants to use socially, for something that corresponds to his convictions, said the Greens spokesperson. In the meantime he sees the Bitcoin system critically, among other things against the background that the necessary arithmetic operations consume huge amounts of electricity.
Schmidt's donation is the largest the Greens have received this year, according to records, with the next highest contribution coming in at 500,000 euros ($600,000). According to reports, the funds will be used to support the party's federal election campaign as well as state election campaigns in 2021.
The software developer is not alone in his apparent desire for the crypto industry to become more environmentally friendly. Many have criticized Bitcoin mining for its environmental impact, with some estimates claiming that the network consumes more energy than Argentina as a whole. However, Mike Colyer, the CEO of crypto mining company Foundry Digital, stated this week that he believes Bitcoin mining will eventually aid in the transition to a world where 100% of our energy is produced from renewables.
