Ethereum: second biggest cryptocurrency to cut energy use by over 99%, but the industry still has a long way to go

Proof of work mining requires specialist hardware, and as a result is energy intensive. Mark Agnor/Shutterstock

Cryptocurrencies use an eye-watering amount of energy. Ethereum, the world’s second-largest cryptocurrency, uses an estimated 78 terawatt hours of electricity each year, comparable to the power consumption of Chile.

Ethereum has announced plans to rid itself of the energy-intensive code that has long muddied crypto’s environmental image, and cut 99% of its energy use in the process.