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Why Ethereum used as much electricity as Chile (until last week)

September 21, 2022
Source: afr.com afr.com
News Snapshot:
Bitcoin miners get 6.25 bitcoin ($129,000) for every block they verify, while Ethereum miners get 2 ether ($2400) plus gas, which are the fees users pay on each transaction. Until last week, miners couldn’t cheat this system because most participants had to agree that, yes, each block represented a true and accurate history of the blockchain. Given the enormous amounts of money that can be made from mining, those who can afford it establish enormous mining farms, using hardware that produces higher computational power, to try to verify more blocks than others, which yield them more cryptocurrency rewards. They also...
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