June 1, 2021
Most cryptocurrencies need energy-intensive computers to keep the market moving. A new verification model could remove the need for those machines.
SHOW TRANSCRIPT
It’s no secret that cryptocurrencies are notoriously bad for the climate.
Right now, Bitcoin uses as much energy as Pakistan and has a carbon footprint comparable to Libya. Ethereum, another popular cryptocurrency, uses the same amount of electricity as Singapore.
But there is a solution on the horizon. Experts think that a switch from the proof-of-work system to a proof-of-stake system could drastically reduce cryptocurrency energy usage. Let s explain what that means.
Currently, cryptocurrencies like Bitcoin or Ethereum operate on a proof-of-work system, which uses power-hungry, specialized computers to verify transactions for people sending cryptocurrencies on a ledger known as a blockchain.
NFTs may be the future of art but are they threatening the future of the planet? By Sophie Lewis Crypto enthusiasts burn and digitize Banksy artwork
A digital artist known as Beeple sold a piece of entirely digital art through Christie s for over $69 million in March, flipping the art world upside down. But the digital registry where that piece of art, called an NFT, is stored is responsible for the annual emission of more carbon into the atmosphere than most small countries.
So why is everyone so eager to jump on the NFT bandwagon?
NFTs, or non-fungible tokens, are original, unique digital collectibles and they have taken over the art world in the past few months. They hold a unique string of code, stored on a digital ledger known as a blockchain, and their value fluctuates depending on demand.
By Lambert Strether of Corrente.
Because I’m a fan of povidone-iodine as a Covid prophylactic (though disclaiming any ability or desire to give medical advice), I thought I would investigate kelp, since I thought that iodine was derived from kelp. Alas, it once was, but that’s “no longer economically viable.” (A substance derived from kelp, algin, is used as an emulsifying and bonding agent in toothpastes, shampoos, salad dressings, puddings, cakes, dairy products, frozen foods, so if you’re a ranch dressing fan, read on.) So, normally when I wander into the biosphere I get lost and don’t come out where I expect; with kelp, I got lost on my very first steps in!
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April 23, 2021
Ethereum’s energy use stems from a security feature to block abuse of the system. But it burns up tons of electricity.
SHOW TRANSCRIPT
Digital artwork like NFTs, or non-fungible tokens, aren t like a painting that hangs on a wall or a sculpture that sits on a desk. In order to buy and sell and protect their uniqueness, they need power and lots of it. Critics say this is adding to the already tremendous electricity problem that blockchains are responsible for.
Ethereum, the main blockchain used for trading and buying NFT art, is currently using an estimated 38 terawatts of energy per year, about as much as the entire country of Bulgaria for its roughly 7 million residents.