The world's second biggest cryptocurrency just got a lot greener

Ethereum, the world's second most valuable cryptocurrency, has completed a massive software upgrade that its backers claim will slash its carbon footprint.

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The long-awaited revamp, which is known as "The Merge," will reduce ethereum's energy consumption by nearly 99.95%,

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according to the Ethereum Foundation, a nonprofit organization dedicated to supporting the cryptocurrency and its related technologies.

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The Merge refers to the original Ethereum Mainnet merging with a separate ... blockchain called the Beacon Chain,

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The co-founder said that the upgrade will "reduce worldwide electricity consumption by 0.2%."

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Ethereum originally launched a separate proof-of-stake Beacon Chain on December 1, 2020. It was running in parallel with the main Ethereum blockchain.

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