This is obviously undesirable. As cryptocurrency continues to thrive in popularity and evolve, we must vehemently measure each step before placing it. In climate action, ignorance is misery. And if
Just a few months back, Ethereum made a ground-shaking move called ‘
“They have maintained a lottery component, but now with proof of stake, you actually have to acquire wealth, and you have to put up thirty-two Ether at minimum as collateral to become a block-producing validator,” explains
However, the new problem was that Bitcoin miners began using the now-redundant servers for their mining operations and other energy-intensive tasks. Therefore, the energy saved from such a serendipitous move was just wasted.
“If those machines don’t go off permanently, the energy savings from a global perspective aren’t going to be aligned with the energy savings on the same network itself,” notes De Vries.
As with most other climate mitigation strategies, regulation and responsible consumption will serve as the the saving grace here.
“Regulation would be helpful in getting the community to reconsider its current stance. The Bitcoin community has been very anti-change, but the Ethereum community has shown that despite concerns and resistance it is possible to make the necessary changes on a live blockchain, which means that the Bitcoin community may need a little bit of a nudge from the outside actually to make things happen,” De Vries explains.