What crypto winter meant for the industry’s pollution problem
Some of those numbers may be somewhat outdated now after Bitcoin’s prices took a beating. Estimates of the blockchain’s energy use globallythis year, along with its value. The price of a single Bitcoin tumbled from a high of $69,000 in November 2021 down to well below $20,000 this year. Following a particularly dramatic price plunge in June, the blockchain’s annualized energy consumption fell from about 204 terawatt-hours per year to around 132 TWh per year within a couple of weeks.
Ethereum is far from the only crypto network to have turned its back on proof of work. Many other alt coins use the same alternative mechanism for validating transactions as Ethereum, called proof of stake.
There’s still plenty of mess for crypto to clean up heading into the new year. Ethereum is grappling with all the pollution it generated in the past. Ethereum software developers launched an effort to “
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