Among the most notable eco-friendly crypto developments in 2022 was the transition of the Ethereum blockchain from a proof-of-work (PoW) to proof-of-stake (PoS) consensus layer. The Merge, completed in September, joined the original execution layer of Ethereum with its new PoS consensus layer, the Beacon Chain. It eliminated the need for energy-intensive mining by enabling the network to be secured using staked Ether

ETH

$1,225

. The conversionreduced the Ethereum network’s energy consumption by 99.9%immediately. Ethereum’s position as a leading programmable blockchain signaled industry-wide progression to low-carbon-emission solutions.

Mohammed AlKaff AlHashmi, the co-founder of the Islamic Coin cryptocurrency, spoke with Cointelegraph about how the sector was evolving to cater to emerging demands.

BTC

$16,864

miner Core Scientific interim approval to access a $37.5 million loan from existing creditors to fund it amid liquidity issues.

Core Scientific is one of the largest cryptocurrency mining companies in the United States, but it filed for Chapter 11 bankruptcy on Dec. 21 as a result of rising energy costs, declining revenue and the declining price of BTC in 2022.

In a public statement made on that same day, Core Scientific outlined that it intends to “move swiftly through the restructuring process” and maintain its mining and hosting operations.

The loan comes from a group of creditors who hold more than 50% of Core Scientific’s convertible notes, which agreed to provide debtor-in-possession (DIP) facility commitment loans up to a total of $75 million, according to court filings.

The firm’s application was approved on Dec. 22 and court filings show that the DIP loan will have a 10% per annum interest rate attached.