{"id":9894,"date":"2021-05-29T00:49:25","date_gmt":"2021-05-28T22:49:25","guid":{"rendered":"https:\/\/thecryptowolf.net\/2021\/05\/29\/ethereum-eth-founder-proposes-a-solution-to-crypto-mining-woes-invezz\/"},"modified":"2021-05-29T00:49:25","modified_gmt":"2021-05-28T22:49:25","slug":"ethereum-eth-founder-proposes-a-solution-to-crypto-mining-woes-invezz","status":"publish","type":"post","link":"https:\/\/thecryptowolf.net\/2021\/05\/29\/ethereum-eth-founder-proposes-a-solution-to-crypto-mining-woes-invezz\/","title":{"rendered":"Ethereum (ETH) founder proposes a solution to crypto mining woes | Invezz"},"content":{"rendered":"
\"Ethereum<\/div>

[ad_1]
\n<\/p>\n

\n

Ethereum founder Vitalik Buterin has weighed in on the ongoing debate about Bitcoin mining. He stated<\/a> that Ethereum\u2019s transition to the proof-of-stake (POS) model could be a feasible solution to cryptocurrencies\u2019 high-energy consumption issue. He said, <\/p>\n

\n

Proof-of-stake is a solution to the environmental issues of Bitcoin which needs far less resources to maintain.<\/p>\n<\/blockquote>\n


\nAre you looking for fast-news, hot-tips and market analysis?
\n
\nSign-up for the Invezz newsletter, today.
\n<\/a>
\n<\/em><\/p>\n

Last month, the Ethereum Foundation revealed its impending transition to the POS system, with the final switch expected to be completed by the end of the year.<\/p>\n

Environmental impact of Bitcoin mining<\/h2>\n

Buterin\u2019s statement about the POS model is coming at a time when Bitcoin (BTC\/USD<\/a>) mining has been receiving a lot of criticisms. Many have argued about the environmental implication of crypto mining. Earlier this week, Iran banned<\/a> crypto mining temporarily, citing the need to preserve the increasingly scarce energy supply in the country.<\/p>\n

The environmental issue with Bitcoin mining also influenced Tesla\u2019s decision to suspend the acceptance of the cryptocurrency for payments for its products.<\/p>\n

Other experts have commented on the issue, with some opposing Bitcoin mining and some others standing behind it.<\/p>\n

Last week, China\u2019s State Council revealed that it will put stricter regulations on \u201cillegal securities activities\u201d, including those operating crypto mining and trading activities.<\/p>\n

The government went into action immediately after determining that crypto mining has led to the high use of coal in some parts of China. The Chinese government took action against such miners because it undermined the country\u2019s environmental goals.<\/p>\n

Proof-of-Stake\u2019s low energy consumption<\/h2>\n

Ethereum Foundation stated recently on its website that the success of the POS transition can reduce Ethereum\u2019s energy consumption by 99.8%. It added that a POS Ethereum consumes about 2.62 megawatts. According to the platform, it is significantly lower than the current level that\u2019s equivalent to the power consumption of a medium-sized country.<\/p>\n

\n
\nInvest in crypto, stocks, ETFs & more in minutes with our preferred broker,
\n
\neToro<\/span>
\n<\/a><\/p>\n
\n

\n
\n<\/span> 7\/10<\/span>\n<\/p>\n

\n67% of retail CFD accounts lose money\n<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

[ad_2]<\/p>\n","protected":false},"excerpt":{"rendered":"

[ad_1] Ethereum founder Vitalik Buterin has weighed in on the ongoing debate about Bitcoin mining. He stated that<\/p>\n","protected":false},"author":1,"featured_media":9895,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37],"tags":[40,647,50,536,168,41,2134,1307,2659],"class_list":["post-9894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mining","tag-crypto","tag-eth","tag-ethereum","tag-founder","tag-invezz","tag-mining","tag-proposes","tag-solution","tag-woes"],"featured_image_urls":{"full":["https:\/\/invezz.com\/wp-content\/uploads\/2021\/05\/ethereum-eth-founder-proposes-a-solution-to-crypto-mining-woes.jpg",0,0,false],"thumbnail":["https:\/\/invezz.com\/wp-content\/uploads\/2021\/05\/ethereum-eth-founder-proposes-a-solution-to-crypto-mining-woes.jpg",null,null,false],"medium":["https:\/\/invezz.com\/wp-content\/uploads\/2021\/05\/ethereum-eth-founder-proposes-a-solution-to-crypto-mining-woes.jpg",null,null,false],"medium_large":["https:\/\/invezz.com\/wp-content\/uploads\/2021\/05\/ethereum-eth-founder-proposes-a-solution-to-crypto-mining-woes.jpg",null,null,false],"large":["https:\/\/invezz.com\/wp-content\/uploads\/2021\/05\/ethereum-eth-founder-proposes-a-solution-to-crypto-mining-woes.jpg",null,null,false],"1536x1536":["https:\/\/invezz.com\/wp-content\/uploads\/2021\/05\/ethereum-eth-founder-proposes-a-solution-to-crypto-mining-woes.jpg",null,null,false],"2048x2048":["https:\/\/invezz.com\/wp-content\/uploads\/2021\/05\/ethereum-eth-founder-proposes-a-solution-to-crypto-mining-woes.jpg",null,null,false],"morenews-featured":["https:\/\/invezz.com\/wp-content\/uploads\/2021\/05\/ethereum-eth-founder-proposes-a-solution-to-crypto-mining-woes.jpg",null,null,false],"morenews-large":["https:\/\/invezz.com\/wp-content\/uploads\/2021\/05\/ethereum-eth-founder-proposes-a-solution-to-crypto-mining-woes.jpg",null,null,false],"morenews-medium":["https:\/\/invezz.com\/wp-content\/uploads\/2021\/05\/ethereum-eth-founder-proposes-a-solution-to-crypto-mining-woes.jpg",null,null,false]},"author_info":{"info":["wolf2021"]},"category_info":"Mining<\/a>","tag_info":"Mining","comment_count":"0","_links":{"self":[{"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/posts\/9894","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/comments?post=9894"}],"version-history":[{"count":0,"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/posts\/9894\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/media\/9895"}],"wp:attachment":[{"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/media?parent=9894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/categories?post=9894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thecryptowolf.net\/wp-json\/wp\/v2\/tags?post=9894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}