Published: 16.09.2022 – 04:39
This is a revolution in the world of cryptocurrencies. Ethereum, the second largest digital currency after bitcoin, dramatically changed its working protocol on Thursday, September 15th. The operation, which experts called in English “The Merge” (“Merge”). Mining is no longer required to create the Ethereum currency, reducing power consumption by 99%. In the midst of a global energy crisis, this is no joke.
Experts believe that to produce the Ethereum currency, until now it was necessary to consume the equivalent of an annual electricity bill of a country such as Belgium or the Netherlands. Indeed, verifying the creation of ether, like bitcoin, requires very time-consuming computational operations called mining, which mobilize hundreds of thousands of computers dedicated to this task.
By changing the validation protocol on September 15, Vitalik Buterin, the creator of Ethereum, removes this mining. No longer proof of work done, but proof of a share that consumes far less energy. Today, Ethereum, which has mobilized up to 0.2% of the world’s energy, consumes almost no more.
And we improved!
Happy merging everyone. This is an important moment for the Ethereum ecosystem. Everyone who helped bring about the merger should feel very proud today.
— vitalik.eth (@VitalikButerin) September 15, 2022
The energy balance of cryptocurrencies has often been an argument put forward by their detractors to denigrate them. In recent years, miners have realized this and are using green energy, hydropower or wind power, both to reduce their carbon footprint and because this energy is cheaper. Energy-efficient cryptocurrencies are the future of this industry. It remains to be seen if the bitcoin king will one day decide to go sober.
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