The second largest cryptocurrency in the world, Ethereum (ETH), has announced a new infrastructure model that will reduce its energy consumption by as much as 99%.
Ethereum hopes to achieve this by substituting the proof of work system with the proof of stake system.
At the present moment, this virtual currency has a carbon footprint that is comparable to Sri Lanka’s. Many people are sceptical and have raised concerns about the energy consumption of cryptocurrency mining. It may cause increased carbon emissions and climate change.
In addition to addressing this issue, this update also decreases the dependence on powerful hardware in the crypto community.
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