As burgeoning power bill for miners and the huge drop in crypto prices crippled the crypto mining industry, Vitalik Buterin is now seriously planning to cut down the energy consumption needed to mine cryptocurrency.
Ethereum reportedly consumes 25-50% of power what Bitcoin does to mine a single unit and with that, it has consumed the same amount of electricity that Iceland did in 2018. And, according to IEE Spectrum, to mine a single unit of Ethereum, it requires energy equivalent to one American household in a day.
Vitalik Buterin plans to create a new Ethereum code, that will enable energy-efficient mining of all alt-coins and will bring down the power consumption level to 1 per cent of what it is currently used. And, this code is expected to be introduced sometime in 2019.
The proof-of-work concept, that Ethereum uses is the root cause of such huge power consumption and with replacement with the proof-of-stake concept, it is aiming to drastically minimize the energy consumption of mining Ethereum.
This will essentially mark the new beginning of the coin which will make it one of the most ambitious and important open community projects in the cryptocurrency world, where millions of miners and the Ethereum community will come together to build and agree on the new, better Ethereum.
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