Ethereum cryptocurrency completes move to cut CO2 output by 99%

Ethereum, the second largest cryptocurrency, has completed a plan to reduce its carbon emissions by more than 99%.

Ethereum mining used up as much electricity as Austria, according to the Digiconomist website, at 72 terawatt-hours a year. Alex de Vries, the economist behind the website, estimates that the merge will reduce the carbon emissions linked to ethereum by more than 99%.

Carol Alexander, professor of finance at University of Sussex Business School, said the merge was a significant event for the crypto industry