Ethereum pledges to cut its energy consumption
by: Dynasty GI2021-08-15
The founder of the Ethereum cryptocurrency, Vitalik Buterin, sees the coin becoming more energy efficient following the recent rollout of its London upgrade.
The upgrade has been seen as good news for Ethereum investors but not so good for its miners, as a core change is a reduction of the revenue miners used to generate from the crypto. That is because most of the Ether paid as fees for processing transactions are now burned, instead of going to miners. This, in turn, can increase the value of the coin by helping create scarcity. In a Bloomberg interview, Buterin also hailed the success of the London network upgrade, stating that the “Ethereum ecosystem is able to make significant changes”, with a nod to progress since the split amongst its developers caused by Ethereum’s decision to perform a ‘hard fork’ in 2016 to recover the US$ 60 million in funds stolen in The DAO’s hack. At the time, many in the community refused to accept the changes, leading to the creation of the Ethereum Classic blockchain instead.
"“As our cryptocurrency, the D¥NS, is an ERC-20 token, we welcome moves that make Ethereum both safer for its users and kinder to the environment”, commented Eduardo Carvalho, one of the founders and CEO of Dynasty Global Investments AG."