LONDON: The world’s second biggest cryptocurrency after bitcoin, ethereum, will soon overhaul its blockchain technology to curb the network’s much-criticised environmental impact.
Ethereum, whose digital unit ether tumbled in a crypto crash earlier this year, will in September undergo a major technical revolution.
So what is the backdrop for the looming reset – known as the Merge – and how will it calm prices and cut electricity usage?
Bitcoin, ethereum and other such currencies are “mined” by solving complex puzzles using powerful computers that consume enormous amounts of energy in vast warehouses, often near cheap electricity sources.
A blockchain is the decentralised and secure ledger for recording those transactions, which occur when encrypted codes are passed across a computer network.
Users validate their success via a so-called “proof of work” mechanism that rewards them with cyber currency – but only after they have proved their participation in such energy-intensive...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...