After eight years of delays, the blockchain Ethereum has transitioned to a new method of verifying transactions, known as Proof of Stake
Many environmentalists applauded the decision. Ethereum’s previous method of securing the blockchain, known as Proof of Work, uses a massive amount of energy: Last week, the White House released aon crypto’s environmental impact, saying that crypto-asset activity in the U.S. compares to the country’s greenhouse gas emissions from railroad diesel fuel. A switch to Proof of Stake, the report goes on to say, could “dramatically reduce overall power usage to less than 1% of today’s levels.
”One of the losers of this transition: Proof of Work miners who have been carrying out the energy-guzzling process with large data centers. They’ve invested in equipment that is now useless. As a result, some of those miners have started their own token, called ETHW, that still runs on Proof of Work. While most of the Ethereum community has rejected the legitimacy of the alternate blockchain, it still attracted some day traders hoping to make a quick profit off the activity.
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