Ethereum, the world's second most valuable cryptocurrency, has completed a massive software upgrade that its backers claim will slash its carbon footprint
Ethereum, the world’s second most valuable cryptocurrency, has completed a massive software upgrade that its backers claim will slash its carbon footprint. The long-awaited revamp, which is known as “The Merge,” will reduce ethereum’s energy consumption by nearly 99.95%, according to the Ethereum Foundation, a nonprofit organization dedicated to supporting the cryptocurrency and its related technologies.
The co-founder said that the upgrade will “reduce worldwide electricity consumption by 0.2%.” While cryptocurrencies have seen a phenomenal rise in the last few years, observers say they’re terrible for the environment. According to Digiconomist, a platform that tracks crypto energy usage, a single Ethereum transaction is equivalent to the weekly power consumption of an average US household.