ethereum becomes a truly low-carbon blockchain
On September 15, 2022, Ethereum successfully executed The Merge, a historic upgrade transitioning from the original proof-of-work to proof-of-stake mechanism, and reducing energy consumption by ~99.95%. Marking the platform’s biggest update yet, The Merge refers to the original Ethereum Mainnet (the main public Ethereum blockchain that has existed since its genesis) merging with a separate proof-of-stake blockchain called the Beacon Chain, now existing as one chain. This eliminates the need for energy-intensive mining, making Ethereum a truly low-carbon, green blockchain.
In order to understand how significant the drop in consumption really is, just imagine that Ethereum’s total energy consumption in February 2022, was just under 94 TWh/yr. In the summer before the switch to proof-of-stake, the energy consumption was closer to 60 TWh/yr, comparable to that of Uzbekistan, with a carbon emission equivalent to that of Azerbaijan (33 MT/yr). Now that The Merge is complete, the energy expended by the Ethereum network is relatively small – on the order of 0.01 TWh/yr.
all images courtesy of Ethereum
WHAT EXACTLY IS The ETHEREUM Merge?
Ethereum is known as the community-run technology powering the cryptocurrency ether (ETH) and thousands of decentralized applications. The platform describes itself as ‘more like a marketplace of financial services, games, social networks and other apps that respect your privacy and cannot censor you.’
sofia lekka angelopoulou I designboom
sep 15, 2022