The most important cryptocurrency event in years is about to begin – and the biggest windfall goes to the planet
Amid the continuous noise about cryptocurrencies, it’s often hard to pick out what really matters. However this month, if all goes to plan, the energy-hungry digital sector will undergo its biggest shake-up in years.
Ethereum, the world’s second largest cryptocurrency, is tomorrow expected to start a technology changeover which, once complete, should cause its carbon emissions to plummet by 99%.
The rapid growth in cryptocurrencies in recent years has been staggering. Unfortunately, so too has been their contribution to climate change, due to the enormous amount of electricity used by computers that manage the buying and selling of crypto coins.
Take, for example, the world’s biggest cryptocurrency, Bitcoin. At a time when the world is desperately trying to reduce energy consumption, Bitcoin uses more energy each year than medium-sized nations such as Argentina.
