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As ether adopts energy-saving 'merge', will bitcoin follow?
(Reuters, 12 Sep 2022) Ethereum's imminent shift to the 'proof-of-stake' method looks set to intensify climate pressure on cryptocurrency leader bitcoin
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 pile pressure on bitcoin to take similar climate-friendly action.
The software switch, known as "the merge", comes amid growing debate over the environmental impact of crypto mining in the United States, with green groups saying its use of fossil fuels undermines efforts to cut planet-heating emissions.
"Cars are shifting from diesel fuel to electric cars - so why can't we do the same with crypto?" said Carmine Russo, a researcher at the Center for Climate Finance & Investment at Imperial College Business School, and the author of a recent report on cryptocurrencies and climate change.
The switch from an energy intensive process known as proof-of-work (PoW) to the more energy efficient proof-of-stake (PoS) method should cut the digital currency's power consumption by more than 99%, according to the Ethereum Foundation, a nonprofit that says it supports ethereum.
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Reuters, 12 Sep 2022: As ether adopts energy-saving 'merge', will bitcoin follow?
