An environmentally friendly model for crypto mining shows promise
Despite the bankruptcies, hacks and general foul mood in crypto, one metric is moving in the right direction. As we talked about earlier this year, ethereum — the world’s second-largest crypto network — made a move to reduce the energy used in the “mining” process for authenticating transactions on the blockchain. In September, ethereum switched from the so-called proof of work method, in which a bunch of miners compete to solve an authentication puzzle with giant banks of supercomputers, to a method called proof of stake, in which just one miner validates a transaction. That requires much less electricity. Marketplace’s Meghan McCarty Carino spoke with Alex de Vries, the founder of Digiconomist, a website that tracks cryptocurrency energy use, about just how much less energy the ethereum network is consuming, based on a paper that De Vries recently published.