There is no technical obstacle to making the notoriously energy-hungry cryptocurrency far more efficient—just a social one.
Last year, Ethereum went green. The second-most-popular crypto platform transitioned to proof of stake, an energy-efficient framework for adding new blocks of transactions, NFTs, and other information to the blockchain. When Ethereum completed the upgrade, known as “the Merge,” in September, it reduced its direct energy consumption by 99%. Meanwhile, Bitcoin continues to chug along, consuming as much energy as the entire country of the Philippines. Read More.