According to @VitalikButerin, governments should internalize externalities with simple, consistent pricing such as a per‑litre fuel tax or a mileage times weight^4 formula for road wear, rather than using byzantine policies. source: @VitalikButerin on X, Dec 5, 2025. For positioning, Ethereum uses Proof‑of‑Stake and reduced energy use by about 99.95% after The Merge, while Bitcoin’s Proof‑of‑Work remains electricity‑intensive, a key difference when markets evaluate energy externalities. source: Ethereum Foundation; Cambridge Centre for Alternative Finance CBECI. Traders should monitor carbon and fuel tax policy headlines because carbon pricing can raise electricity costs where implemented, which impacts energy‑intensive PoW mining economics more than PoS validation. source: International Energy Agency; Cambridge Centre for Alternative Finance.