The founder of Ethereum (ETH) proposes a solution to crypto mining problems

Ethereum founder Vitalik Buterin has gotten involved in the ongoing debate about Bitcoin mining. He explained that moving from Ethereum to the Proof-of-Stake (POS) model could be a viable solution to the high energy consumption problem of cryptocurrencies. He said,

The proof-of-stake is a solution to Bitcoin’s environmental problems, which requires far fewer resources to maintain.

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Last month, the Ethereum Foundation announced its upcoming transition to the POS system, with the final move expected to be completed by the end of the year.

Bitcoin mining environmental impact

Buterin’s statement on the POS model comes at a time when Bitcoin mining (BTC / USD) has received a lot of criticism. Many have argued over the environmental impact of crypto mining. Earlier this week, Iran temporarily banned crypto mining because of the need to sustain the country’s increasingly scarce energy supply.

The environmental problem with Bitcoin mining also influenced Tesla’s decision to suspend acceptance of cryptocurrency for payments for its products.

Other experts have commented on the issue, with some against Bitcoin mining and others behind it.

Last week, China’s State Council announced that it would be introducing stricter regulations on “illegal securities activities,” including those engaging in crypto mining and trading activities.

The government took immediate action after discovering that crypto mining had resulted in high coal consumption in some parts of China. The Chinese government took action against such miners for undermining the country’s environmental goals.

Low energy consumption of the proof-of-stake

The Ethereum Foundation recently stated on their website that the success of the POS transition could cut Ethereum’s energy consumption by 99.8%. It added that a POS Ethereum consumes about 2.62 megawatts. According to the platform it is well below the current level, which corresponds to the electricity consumption of a medium-sized country.

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