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disruptor
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Environmental impact of cryptocurrencies The environmental impact of cryptocurrencies, particularly Bitcoin, has become a significant concern due to their substantial energy consumption. Bitcoin’s annual energy usage surpasses that of entire nations, accounting for approximately 0.5% of global electricity consumption. In contrast, the industry is witnessing a shift towards more sustainable blockchain solutions. A notable development is Ethereum’s transition from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism in September 2022. This change led to a dramatic 99.9% reduction in Ethereum’s energy consumption, decreasing from about 84 terawatt-hours annually to just 0.01 terawatt-hours. Similarly, other cryptocurrencies like Dogecoin have adopted PoS, significantly lowering their environmental footprints.
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disruptor
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Despite these advancements, Bitcoin continues to rely on the energy-intensive PoW system, consuming approximately 169.70 terawatt-hours of energy annually, which exceeds Poland’s total energy consumption. This ongoing reliance on PoW has sparked debates about the sustainability of Bitcoin and calls for the adoption of more eco-friendly consensus mechanisms. The push for green blockchain solutions is gaining momentum, driven by both environmental concerns and the growing demand from users for sustainable investment options. As the cryptocurrency landscape evolves, the adoption of energy-efficient technologies like PoS is poised to play a crucial role in reducing the ecological footprint of digital currencies.
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