Ethereum 2.0 is now greener and better for Mother Nature!
Crypto mining is an environmentally costly process with Bitcoin mining along by using more power than the entire country of Argentina. Using blockchain technology could be revolutionary.
Ethereum changed from mining to staking and it’s greener!
ETH moves from PoW to PoS
PoS (Proof-of-Stake) was developed as an energy-saving alternative to PoW (Proof-of-Work). PoS uses electricity to process the blockchain transaction whereas PoW uses staking of ETH instead with little electricity required.
Ethereum moved to PoS by the end of 2020 as a part of its ETH 2.0 ecosystem update. Then according to some Ethereum proponents, this change can make the mining of Ethereum significantly even more sustainable, some even argued that 99% is more sustainable.
“Ethereum’s eth2 upgrade – an overhaul of Ethereum’s core consensus to provide a more sustainable, secure, and scalable home for Ethereum and its community. […] to move from the energy-hungry, inefficient proof-of-work to a more sustainable, scalable proof-of-stake.”
Now, there are currently around 414 PoW cryptocurrencies and 324 PoS cryptocurrencies in existence.
BTC’s PoW is bad for nature.
The basic issue with PoW is that it is extremely resource-intensive, and lots of energy is required to run the protocol. Additionally, as many more people are joining the mining process, the difficulty increases in order to keep the mining time the same.
The mining that is done for Bitcoin has risen its annual carbon footprint similar to that of Argentina. Issues like these could raise an environmental concern to such a magnitude that a major Bitcoin mining hub in Mongolia had been shut down lately because of massive power consumption.
The environmental impact of miners could make Bitcoin and other PoW protocols that are unattractive to environmentally conscious investors. For the world is slowly on its way to going green, blockchain companies could consider the impact that they have on nature.
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