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Kyle Davies and Su Zhu started Three Arrows Capital at the kitchen table of their apartment in 2012. Now they are among the world’s biggest crypto holders with a portfolio worth billions of dollars.
At least for the moment.
Their portfolio was rocked in recent days as environmental concerns over mining, regulatory scrutiny, warnings by Chinese authorities about digital currency payments and a flurry of erratic tweets by Tesla chief executive Elon Musk whipsawed prices. For Mr Davies, an early investor in the space and an evangelist for the underlying technology, the recent volatility is just a blip, enough perhaps to scare off newbie investors, but not for someone who has experienced far more volatile periods.
Ethereum founder Vitalik Buterin has said that the blockchain may move to a low-energy system by 2021-end, a Bloomberg report said. The technology, called proof-of-stake, uses significantly less energy than the current proof-of-work mining process. The move is expected to reduce the use to 0.001% of that used in the proof-of-work process. The value of cryptocurrencies, including Ethereum, has been on the rise in the past few years. Experts say the technology move will reduce its impact on the environment. Buterin said that he was happy that the proof-of-stake will solve the current problem with the blockchain. He said he has been trying for the move since the blockchain’s ince.
Ethereum Closes in on Long-Sought Fix to Cut Energy Use Over 99 Percent
Ethereum and Bitcoin both operate using a proof-of-work system that requires a global network of computers running around the clock. By Matthew Leising, Bloomberg | Updated: 25 May 2021 13:17 IST
Highlights
The transition Ethereum developers are making is a huge undertaking Proof of work uses the capital costs of buying and maintaining hardware
Users and developers of the world s most-used blockchain have been wrangling with its carbon-footprint problem for as long as it s been around. Now, they say, several recent breakthroughs will finally enable them to drastically cut energy use in a year or less.
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Ethereum poised to dramatically cut the amount of energy it uses
Can the cryptocurrency overthrow Bitcoin? Analysts say it’s possible 05/24/2021
Photo (c) jpgfactory - Getty ImagesThere’s a possible game-changing shift afoot in the cryptocurrency world. Supporters of Ethereum currently the number two digital currency behind Bitcoin claim that a breakthrough in its structure could reduce its current 45,000-gigawatt usage to 1/10,000th of that level.
Energy is not an aspect of cryptocurrency that’s been talked about much, but it’s a crucial element. By design, it takes vast amounts of energy to keep systems related to cryptocurrency running. That’s because everything is computer-based, and if the integrity of a cryptocoin’s blockchain isn’t kept secure, the coin’s functionality could implode.