Ethereum, the blockchain underpinning the world's second-largest crypto token ether, is poised for a software upgrade that will slash the amount of energy it uses - a step that could increase pressure on bitcoin to take similar climate-friendly action.
It has estimated that ethereum uses nearly 6 gigawatts - roughly enough to power more than 1 million US homes. With the PoS system, ether owners will lock up set amounts of their coins to check new records on the blockchain, earning new coins on top of their"staked" crypto. "For the last couple of years, the energy use from bitcoin and ethereum has cast a pretty dark shadow from a climate perspective over much of the crypto industry," said Mike Brune, the former executive director of the Sierra Club, an environmental nonprofit.
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