On June 7, the International Monetary Fund (IMF) took a big step towards the creation of an eco-friendly payment system. It conducted energy consumption research based on the consensus processes of several cryptocurrencies in the ecosystem. The high energy consumption of cryptocurrencies that use the Proof-of-Work (PoW) consensus process is no longer private.
Furthermore, the method offers significant environmental risks. As a result, the health risks associated with token mining have increased the inclination for crypto assets that use a non-PoW process.
According to the IMF, each crypto token has its own design components that affect its energy consumption. As a result, the IMF wants to utilise the Digital Currencies and Energy Consumption research to map out the optimal mechanism fit for the creation of CBDCs (Central Bank Digital Currencies).
Furthermore, the IMF examined the important policy on the impact of digital currencies on the environment. It proposed that developers abandon the PoW protocols.
It scored the former higher, indicating that non-PoW crypto apps are appropriate for customers due to their basic design structures and payment mechanisms.
According to the organisation, Bitcoin is a popular system that employs the PoW technique. However, BTC is predicted to use around 144 terawatt-hours of energy every year (TWh). However, its overall energy usage would remain high.
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