Bye-Bye Miners? Ethereum’s Plan for Greener Crypto: QuickTake

Nov. 30, 2021, 5:11 PM

Ethereum is making big changes. Perhaps the most important is the jettisoning of the “miners” who track and validate transactions on the world’s most-used blockchain network. Miners are the heart of a system known as proof of work that was pioneered by Bitcoin and adopted by Ethereum, the platform that supports Ether, the runner-up to Bitcoin as the world’s most valuable cryptocurrency. Proof of work has come under increasing criticism for its environmental impact: Bitcoin miners now use as much electricity as Chile. Proof of stake, which Ethereum plans to phase in during 2022, will be greener and faster. Proponents …