Ethereum: second biggest cryptocurrency to cut energy use by over 99%, but the industry still has a long way to go
Cryptocurrencies use an eye-watering amount of energy. Ethereum, the world’s second-largest cryptocurrency, uses an estimated 78 terawatt hours of electricity each year, comparable to the power consumption of Chile.
Ethereum has announced plans to rid itself of the energy-intensive code that has long muddied crypto’s environmental image, and cut 99% of its energy use in the process.
Some cryptocurrency commentators suggest that the “merge”, as the makeover has been coined, represents one of the most important events in the history of crypto.
Even those uninterested in pixelated cat pics and metaverse meetups, most of which depend on Ethereum, will find comfort knowing the carbon equivalent of Hong Kong’s annual emissions will be erased overnight.
