- $ETH Energy consumption fell 99.99% following its Merge to proof-of-stake.
- The objective of strengthening Ethereum’s viability has been accomplished.
- ConsenSys and Joseph Lubin spoke about the report and the success of the transition.
A report by CCRI (Crypto Carbon Ratings Institute), which ConsenSys commissioned, revealed that the switch from Proof of Work to Proof of Stake reduces the Ethereum network’s energy use and carbon footprint by over 99.99%.
ConsenSys affirmed that the objective of strengthening Ethereum’s viability through a significant switch from a Proof of Work to a Proof of Stake consensus method had been accomplished. With this update, Ethereum, the first and most extensive network for intelligent contracts, becomes a nearly net-zero technology ready for long-term expansion.
In addition, Ethereum’s annual electricity usage, which was once close to 23 million megawatt-hours, dropped to just over 2,600 a reduction of more than 99.988%. Due to this, CO2 emissions decreased by 99.992%, from over 11 million tons yearly to under 870, less than the annual energy consumption of 100 American homes.
ConsenSys and Ethereum co-founder Joseph Lubin spoke about the report and the success of the transition. Joseph Lubin said that there was happiness after commissioning the CCRI report. It substantiated the Ethereum Merge’s impact as likely the most extensive decarbonization effort of any business in history.
However, as one of the most significant obstacles to future growth had been eliminated, Lubin claimed that Ethereum was now ready for new waves of interest, development investment, and adoption. Thanks to the Merge, Ethereum could become the internet-scale IT infrastructure for low-carbon initiatives worldwide.
Moreover, the switch to Proof of Stake for Ethereum had yet to come soon enough. The action paves the way for groups who would have been discouraged by the high carbon footprint to adopt Ethereum-based applications and tokens, enabling them to participate in the vast global network of Ethereum-based services.
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