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Ethereum Blockchain set to undergo software upgrade this week, to slash energy consumption
Huge number of computer programmers are expected to carry out biggest software upgrade in crypto sector this week. The upgrade will be made to Ethereum blockchain in an effort to reduce its environmentally unfriendly energy consumption.
The upgrade is expected to take place between Tuesday and Thursday. Many developers have worked years on more energy-efficient version of Ethereal blockchain, digital ledger that underpins a multibillion-dollar ecosystem of cryptocurrencies, digital tokens (NFTs), games and apps.
Ethereum is the second largest crypto currency behind Bitcoin. It burns through more power each year than New Zealand. According to reports, the upgrade will result in 99% less energy consumption.
Crypto supporters hope a greener Ethereum will spur wider adoption, particularly as a way of enabling banks to automate transactions and other processes. The switchover, dubbed “the merge”, will change the way transactions are logged.
Currently crypto miners use energy-guzzling rigs of computers to solve puzzles that reward them with new coins, a system known as “proof of work”. The new system will get rid of those miners and their computer stacks overnight.