A deep dive into cryptocurrency decentralization - Digiconomist

In recent years it has become well known that cryptocurrency networks such as the Bitcoin network are energy intensive systems. As of 2024, Bitcoin mining operates on more than 16 gigawatts of power demand, responsible for around 80 megatonnes of annual carbon emissions. Ethereum proved in 2022 that it is possible to replace this energy intensive (proof of work) mechanism with a more sustainable alternative known as proof of stake. As a result of this change, Ethereum reduced its total power demand by at least 99.85%.  However, while this was the most obvious impact of the change, it should be