Ethereum will reduce energy consumption by 99%

Independent researchers estimate that mining Ethereum will soon require 99% less energy. This is due to the transition of cryptocurrency to the Proof-of-Stake system.

The researchers explained that like most cryptocurrencies, Ethereum operates on a Proof-of-Work (PoW) system. In PoW, all participants compete to cryptographically secure transactions and add them to the blockchain. This method requires a lot of energy – according to rough estimates, one Ethereum transaction consumes exactly the same amount of electricity as one American house per day.

In the coming months, Ethereum will complete the transition to a Proof-of-Stake system, which will entail a huge number of improvements. Independent researchers have tried to calculate how much this will reduce the amount of electricity consumption and emissions of harmful substances into the environment.

Proof-of-stake (PoS) is the basic mechanism that activates validators after a sufficient number of stakes have been received. For Ethereum, users need to place 32 ETH bets to become a validator. The PoS algorithm will allow you to completely abandon energy-intensive mining. In the future, millions of processes will no longer participate in transaction verification.

The researchers noted that so far there are no official statistics on energy consumption and equipment used after the transition. However, they were able to roughly calculate these data – in their opinion, it will sharply decrease and energy consumption will become minimal.

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Alexandr Ivanov earned his Licentiate Engineer in Systems and Computer Engineering from the Free International University of Moldova. Since 2013, Alexandr has been working as a freelance web programmer.
Function: Web Developer and Editor
Alexandr Ivanov

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