June 3, 2023

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Crypto market, crypto tokens, and mining all go hand in hand because if there is going to be the validation of the transactions and their ample recording on the blockchain, then mining is the essential sin.

It is also important to the prospect of developing DApps and for the sake of minting new NFTs as well. But mining itself poses a lot of threat to the environment, which is the reason why many of the DEX and crypto entities out there are shifting their consensus protocol that limits the use and significance of mining.

Bitcoin is still using the older proof of work consensus that finds its power from the over-the-clock churning of the computing elements and the release of carbon as exhaust, but other tokens such as Ether are making a shift from the proof of work to the proof of stake consensus.

Benefits of Proof of Stake Protocol

It is only a few months before the new upgrade for the Ether blockchain is implemented that update has been labeled. The prospect of the update is that it will change the consensus protocol of the blockchain from proof of work to proof of stake.

It doesn’t mean that the proof of stake doesn’t impose the use of mining, but it is much more sophisticated and elementary than the proof of work.

This means that anyone who wishes to become a miner just needs to stake their crypto tokens into an active mining pool, no need to hook up your computer and make it run 24/7 for the mining thus saving the environment from the threats of carbon footprints.

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According to Alex de Vries, the electricity requirements of the blockchain would vanish overnight because there wouldn’t be any need for the computing systems to churn around the clock. People will be staking their crypto tokens for the sustainability of the mining activity, and in the long run, it is more environmentally friendly than the proof of work.

It means that all the affairs of the Ether blockchain would pose no harm to the environment, and that includes the NFTs.

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