Ethereum 2.0 to reduce energy consumption by 99 pct, will be more environment friendly than Bitcoin

Ethereum creator Vitalik Buterin has confirmed that the crypto will go through a complete overhaul this year which will reduce the energy consumption by almost 99 per cent.

There are major concerns around the energy consumed by cryptocurrencies. Elon Musk and Bill Gates have warned about it in the past and on Wednesday, Iran banned mining of cryptocurrencies such as Bitcoin for nearly 4 months, after the country faced regular blackouts. If the concerns persist, there will be changes around these popular digital coins are formed and Ethereum is first to act. Ethereum creator Vitalik Buterin has confirmed that the crypto will go through a complete overhaul this year which will reduce the energy consumption by almost 99 per cent and make Ethereum 2.0 more environment friendly than Bitcoin. Buterin aims to achieve this by switching Ethereum from the existing Proof Of Work (PoW) system to Proof Of Stake (PoS) system. He said that the step has become important because of how crypto and Ethereum have grown in the last few years. Most cryptocurrencies were on an upward trajectory in the last 12 months before a major dip happened mid-May.