Physical Address

304 North Cardinal St.
Dorchester Center, MA 02124

Plan to cut Ethereum energy use sees miners switch cryptocurrencies


The Merge, a long-awaited update which promised to slash Ethereum’s vast energy consumption, has instead pushed miners towards other cryptocurrencies



Technology



20 September 2022

An engineer at a cryptocurrency mining business

PixeloneStocker/Getty Images

A radical update last week to the Ethereum cryptocurrency was supposed to reduce energy consumption by 99 per cent, but the savings have so far failed to materialise as miners evicted from the network flock to other currencies. Estimates suggest that at least 50 per cent of energy hungry mining hardware formerly running Ethereum has now been put to use mining other coins.

In a long-awaited and much-delayed update called the Merge, Ethereum shifted from a proof of work (PoW) model – where …



Source link

Leave a Reply

Your email address will not be published.