The World's Second Biggest Cryptocurrency Just Got a Lot Greener
Ethereum, the world's second most valuable cryptocurrency, has completed a massive software upgrade that its backers claim will slash its carbon footprint.
The long-awaited revamp, which is known as "The Merge," will reduce ethereum's energy consumption by nearly 99.95%. The co-founder said that the upgrade will "reduce worldwide electricity consumption by 0.2%."
Earlier this month, Digiconomist said that the power saved as a result of the upgrade would "likely be equivalent to the electrical energy consumption of a country like Portugal."It could also become the "final nail in the coffin" for bitcoin's transaction mechanism.