Environmental impaqct of crypto in this year
Categories: Crypto News
Bitcoin and Ethereum are facing competition from newer coins that are developing more eco-friendly ways for cryptocurrencies to operate.
- Global corporations are now fighting climate change, and industries are trying to reduce environmental impact.
- Yet, studies showed Bitcoin mining alone drew more power than entire countries, possibly tripped national power grids, and produced large quantities of electronic waste.
- Developers of the two largest cryptocurrencies, Bitcoin and Ethereum, scrambled to solve what they could and make upgrades.
- Ethereum is now working eco-friendly to protect itself and work power consumption.
- A major reason for cryptocurrency guzzling energy is the way their blockchain is secured.
- When secured with proof-of-work, a lot of computing power is expended in maintaining the integrity of the decentralised blockchain.
- However, other currencies have come up with solutions, including proof-of-stake (PoS) as an alternative way of securely processing cryptocurrency transactions and adding them to the blockchain.