The Ethereum Foundation says the new 'proof of stake' system will use 99.95% less energy than the 'proof of work' system.
The Ethereum blockchain has undergone a major software upgrade, drastically reducing its energy usage, its inventor and co-founder tweeted on Thursday.
Most blockchains devour large amounts of energy and have come under fire from environmentalists and some investors. Before the software upgrade, which is known as the Merge, a single transaction on Ethereum used as much power as an average US household uses in a week, according to researcher Digiconomist.
Ethereum was born in 2013. Proponents say it will form the backbone of much of the widely hyped but still unrealized “Web3” vision of an internet where crypto technology takes centre stage in applications and commerce. Investors bet ahead of Merge that the upgrade would bolster the price of the ether token. Ether has gained about 85% from its June lows, outperforming larger rival bitcoin’s 15% gain. Overall, however, cryptocurrencies have suffered this year, with bitcoin and ether both down by around 55%.
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