Bitcoin and other cryptocurrencies should follow Ethereum’s lead to be more sustainable: Expert
This is obviously undesirable. As cryptocurrency continues to thrive in popularity and evolve, we need to measure each step carefully before placing it. In climate action, ignorance is misery. And if
Just a few months ago, Ethereum made a shocking move called ‘
“They’ve maintained a lottery component, but now with proof of stake, you actually have to acquire wealth and you have to put up at least thirty-two Ether as collateral to become a block-producing validator,” explains
The new problem, however, was that Bitcoin miners began using the now redundant servers for mining and other energy-intensive tasks. Therefore, the energy saved from such a serendipitous move was just wasted.
“If these machines do not turn off permanently, the energy savings from a global perspective will not be in line with the energy savings on the same network itself,” notes De Vries.
As with most other climate mitigation strategies, regulation and responsible consumption will serve as the saving grace here.
“Regulation will be helpful in making the community reconsider its current stance. The Bitcoin community has been very against change, but the Ethereum community has shown that despite concerns and resistance, it is possible to make the necessary changes on a live blockchain , which means that the Bitcoin community may need a little push from the outside actually to make things happen,” explains De Vries.