Bitcoin has a carbon emissions problem due to the vast energy consumption of mining. In fact, bans on cryptomining have popped up around the world after the recent revelation that production of the cryptocurrency emits as much annual carbon dioxide as a small country. Notably, Ethereum, Bitcoin’s bi
Ethereum, has reduced its electrical energy requirement by at least 99.84% by changing its method of production.
. Notably, Ethereum, Bitcoin’s biggest competitor, has reduced its electrical energy requirement by at least 99.84% by changing its method of production. Crypto economist Alex De Vries explains how Ethereum made the change and how policymakers and consumers can support the move to more sustainable models for other cryptocurrencies in a perspective article that will be published today in the journalEthereum made a change that they called The Merge on September 15, 2022.
The Merge moved Ethereum from a proof-of-work system to a proof-of-stake system. This mostly leaves the underlying blockchain unchanged, but it alters the way in which new blocks are created. “It’s still a literal chain of blocks of transactions before and after The Merge,” says De Vries. “It’s still the case that you get rewarded for making blocks, so even that did not change.”
“If those machines don’t go off permanently, the energy savings from a global perspective aren’t going to be aligned with the energy savings on the same network itself,” says De Vries.
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