ethereum merge just happened (ethereum moved to PoS). doesn't come close to solving all the (intractable) issues with web3, but at least it mostly solves the environmental disaster web3 was.
Conversation
web3 is (mostly) built on ethereum, and other players such as cardano, solana, tezos, avalanche, polygon, etc., which don't use PoW (most are PoS, besides avalanche, which is different entirely).
1
3
Replying to
Since electricity used for proof of work is based on what's funded by block rewards + fees, minor cryptocurrencies using it don't really use a significant amount of electricity compared to Bitcoin and pre-merge Ethereum anyway. Monero is probably 2nd biggest PoW energy use now.
Monero is mined on CPUs and there isn't really a profitable way to mine it. Even if your electricity is free, you're still barely getting money from mining it. I would not be surprised if most mining was done by malware because it's highly suited to it (private + CPU mining).
2
GPU miners can't really move to mining something else instead because there isn't enough value to extract from anything else. A bunch of them will probably switch to other coins that were previously possible to GPU mine profitably but they quickly won't be anymore due to this.
1
Show replies
Replying to
definitely, i just didn't mention it because even as unlikely as it is, other cryptocurrencies can rise and fall, but the entire web3 space is now entirely dominated by PoS so that's effectively impossible now
1