. But prior to that update, Ethereum used an enormously energy-hungry system to verify transactions on its blockchain. Crypto “miners” raced to solve complex puzzles for a chance to add blocks of verified transactions to the chain, winning new tokens in return. The Merge essentially axed the puzzles, which is why the network is now able to use a fraction of the energy that it previously did.
Before the Merge, Ethereum was estimated to have used about as much electricity annually as the country of Bangladesh Even so, the Ethereum network still created plenty of pollution over the past seven years. Before The Merge, Ethereum was estimated to have used about as much electricity annually as the country of Bangladesh. Now ConsenSys, which was involved with The Merge and whose CEO was an Ethereum co-founder, wants to get rid of those historical emissions.
The first step for the Ethereum Climate Platform will be to figure out how much carbon dioxide pollution the cryptocurrency actually created. “The technology leaves behind an estimated carbon debt in the tens of millions of metric tons,” according to a ConsenSysBeyond that, the Climate Platform’s work is still fuzzy. They plan to fund and support a broad range of projects, including those
that might be able to pull carbon dioxide out of the atmosphere. ConsenSys mentions projects like emerging
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