The world’s second-largest cryptocurrency, Ethereum, has successfully slashed its emissions by 99.99 per cent after an unprecedented experiment to ditch power-hungry mining in favour of a new approach, according to researchers. But experts say there is little appetite for such a change among users of bitcoin, the largest digital currency, which has no central body to steer development. Like bitcoin and many other cryptocurrencies, Ethereum used to rely on “proof of work” to secure its network, meaning that computers performed huge numbers of calculations to “mine” new currency and verify transactions. This process uses vast amounts of electricity. But in September 2022, Ethereum switched to a new technique called “proof of stake” during a period of change known as the Merge. The Cambridge Centre for Alternative Finance (CCAF) has published comprehensive data on bitcoin’s energy use over the past four years and has now released similar data for Ethereum. Alexander Neumüller at the University of Cambridge, who worked on the project, says the experimental update has been a technological success, achieving a “staggering” reduction in electricity consumption.
Full report : Cryptocurrency Ethereum has slashed its energy use by 99.99 per cent.
