The developers of the cryptocurrency Ethereum have done the “Merge”, which is an update that removes mining and greatly reduces the energy consumption of the currency. Cryptocurrencies are notorious for taking up a ton of energy. For example, before this update, Ethereum’s annual power consumption was around the same as Chile, a country in South America. Mining is not physical mining, and it is online mining to the blockchain. Cryptocurrency is all digital, and it is a very hard and complex topic to fully grasp. Crypto mining is when people use very powerful computers and graphic chips to get blocks of crypto. These moves that Ethereum has done are very important and may inspire other cryptocurrencies to do the same.
Key terms:
Blockchain – a group of ‘blocks’, which contain cryptocurrency.
