EEE became the first token to launch on the Crypto Climate Exchange (CCX), which debuted concurrently. CCX is the world’s first exchange dedicated to funding climate action initiatives.
EEE entered into an agreement with Oairo, which produces air-conditioning that reduces power consumption necessary for cooling computers by 70%. Proceeds from the token’s issuance will go towards purchasing energy-efficient mining units and installing Oairo technology. EEE will also provide source capital for the global installation of Oairo products.
Ethereum’s energy efficiency
A stated goal of the EEE project is to set optimal standards, technology, and know-how to mine ETH in the most energy-efficient way. EEE intends to share the open-source protocol with the wider Ethereum and crypto communities.
Ethereum developers have already recognized the importance of improving the blockchain’s sustainability with the development of Ethereum 2.0. One of the primary intentions is to shift from a proof-of-work to a proof-of-stake model, which will make significant reductions in energy consumption.
In light of Tesla’s decision to drop Bitcoin payments due to environmental concerns, cryptocurrencies using more efficient methods are coming to the fore. For instance, Graph Blockchain credited Cardano’s use of proof-of-stake in achieving its all-time high last week.
Presaging the Tesla move, Ripple CEO Chris Larsen said that the energy-intensive needs of proof-of-work could threaten crypto adoption. He advocated all cryptocurrencies migrate to less energy-intensive consensus mechanisms— for instance, proof-of-stake.