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Ethereum to reduce energy consumption by 99.95 percent, research suggests

CryptocurrencyMay 18, 2021 08:30PM ET
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© Reuters Ethereum to reduce energy consumption by 99.95 percent, research suggests

In the wake of Tesla’s Bitcoin acceptance brouhaha, crypto energy usage and carbon emissions have become a hot topic. In light of this, Ethereum Foundation researcher Carl Beekhuizen has published an article estimating that Ethereum might be able to lower its energy consumption by up to 99.95 percent following its transition to Proof-of-Stake (PoS) consensus.

Beekhuizen asserts that there are about 87,890 validators on the Ethereum blockchain, excluding staking services and crypto exchanges. According to him, these validators cumulatively need roughly 1.64 megawatts of power. Even if the power requirement of these validators were to rise to 2.64 megawatts, Beekhuizen claims that this is still within an acceptable range, as this will correspond to the energy consumption of a small village as opposed to a whole country.

Currently, Ethereum miners consume roughly 9.9 terawatt-hours annually. Although his figures are just “ballpark estimations,” Beekhuizen is confident that ETH 2.0 will be 200 times more energy-efficient than its current Proof-of-Work (PoW) setup.

However, on the flip side of a more energy-efficient Ethereum is what opponents of PoS believe could be a less secure blockchain due to a higher number of attack vectors.

As reported by BTC PEERS, Bitcoin’s energy-guzzling flaw was recently brought to the limelight by Tesla (NASDAQ:TSLA) after the car manufacturer announced that it was no longer accepting the digital asset as payment due to environmental concerns.

Continue reading on BTC Peers

Ethereum to reduce energy consumption by 99.95 percent, research suggests
 

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Comments (4)
Jose Soberanes
Jose Soberanes May 18, 2021 11:02PM ET
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All of a sudden.. LOL!
ZS Beck
ZS Beck May 18, 2021 10:38PM ET
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I take gold , over any Crypto ***
Hung Pham
Hung Pham May 18, 2021 10:38PM ET
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Please take all lol
Investing Man
Investing Man May 18, 2021 10:08PM ET
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Regardless of your view crypto is still cleaner than cash.
Millennial Dip Buyer
Millennial Dip Buyer May 18, 2021 10:08PM ET
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Germs build your immune system. :)
Investing Man
Investing Man May 18, 2021 10:08PM ET
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Okechukwu David
Okechukwu David May 18, 2021 8:57PM ET
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😯good
 
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