{"id":48492,"date":"2022-09-15T14:13:03","date_gmt":"2022-09-15T14:13:03","guid":{"rendered":"https:\/\/packetstormsecurity.com\/news\/view\/33844\/Ethereum-Cryptocurrency-Completes-Move-To-Cut-CO2-Output-By-99.html"},"modified":"2022-09-15T14:13:03","modified_gmt":"2022-09-15T14:13:03","slug":"ethereum-cryptocurrency-completes-move-to-cut-co2-output-by-99","status":"publish","type":"post","link":"https:\/\/www.threatshub.org\/blog\/ethereum-cryptocurrency-completes-move-to-cut-co2-output-by-99\/","title":{"rendered":"Ethereum Cryptocurrency Completes Move To Cut CO2 Output By 99%"},"content":{"rendered":"
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Ethereum, the second largest cryptocurrency, has completed a plan to reduce its carbon emissions by more than 99%.<\/p>\n

The software upgrade, known as \u201cthe merge\u201d, will change how transactions are managed on the ethereum blockchain, a public and decentralised ledger that underpins the cryptocurrency and generates ether tokens, the world\u2019s most popular cryptocurrency after bitcoin.<\/p>\n

Vitalik Buterin, ethereum\u2019s inventor, announced the completion of the plan on Twitter on Thursday morning, tweeting \u201cHappy merge all\u201d.<\/p>\n

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And we finalized!<\/p>\n

Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.<\/p>\n

&mdash; vitalik.eth (@VitalikButerin) September 15, 2022<\/a><\/p><\/blockquote>\n

\\n","url":"https:\/\/twitter.com\/VitalikButerin\/status\/1570306185391378434","id":"1570306185391378434","hasMedia":false,"role":"inline","isThirdPartyTracking":false,"source":"Twitter","elementId":"1761414a-47f3-46a8-b4b3-8c541ea9d2af"}}”><\/p>\n

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And we finalized!<\/p>\n

Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.<\/p>\n

\u2014 vitalik.eth (@VitalikButerin) September 15, 2022<\/a><\/p><\/blockquote>\n<\/div>\n

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The move means that ethereum will no longer be created by an energy intensive process known as \u201cmining\u201d, where banks of computers generate random numbers that validate transactions on the blockchain and generate new ether tokens as part of the process. The process, known as \u201cproof of work\u201d in the cryptocurrency world, will now move to a \u201cproof of stake\u201d system, where individuals and companies act as validators, pledging or \u201cstaking\u201d their own ether as a form of guarantee, to win newly created tokens.<\/p>\n

Ethereum mining used up as much electricity as Austria, according to the Digiconomist website, at 72 terawatt-hours a year. Alex de Vries, the economist behind the website, estimates that the merge will reduce the carbon emissions linked to ethereum by more than 99%.<\/p>\n

De Vries added that the move could represent 0.2% of the world\u2019s electricity consumption disappearing overnight. However, he said bitcoin remained the biggest single contributor to the crypto world\u2019s carbon footprint.<\/p>\n

\u201cAll eyes will be on bitcoin. It remains the largest polluter in the crypto space. Even today bitcoin is responsible for as much electricity consumption as Sweden. And we know that\u2019s not going to change,\u201d said De Vries.<\/p>\n

Ethereum rose 2% to $1,630 (\u00a31,417) after the move, according to website coinmarketcap, valuing the currency at just under $200bn. Bitcoin\u2019s market cap is worth $387bn, having fallen sharply from its peak of more than $1tn last year<\/a>.<\/p>\n

Carol Alexander, professor of finance at University of Sussex Business School, said the merge was a significant event for the crypto industry<\/p>\n

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