Ethereum’s Energy Consumption Drops to Record Low Levels

  1. Ethereum Merger has led to a significant reduction in energy consumption, by 99.99%.
  2. The reduction in energy consumption is attributed to more efficient mining methods.
  3. This reduction in energy use has made Ethereum more beginner-friendly and cost-effective.

Ethereum Merger was one of the most eagerly anticipated crypto projects among cryptocurrency investors. The merger was to take place on the Ethereum (ETH) network. With the merger’s launch on September 15th last year, Ethereum switched from Proof-of-Work (PoW) consensus to Proof-of-Stake (PoS) consensus.

As a result of the merger, the Ethereum ecosystem is now the most beginner-friendly in the entire cryptocurrency industry. This is because the Ethereum ecosystem has reduced its energy consumption over the past five months since the merger’s launch. Statistics show that after the Merger, Ethereum’s energy consumption has dropped by 99.99% compared to its pre-merger levels.

This decrease in energy consumption has allowed the Ethereum network to process faster transactions, allowing users to transact with one another quickly and easily. Additionally, Ethereum’s fees have also dropped significantly as a result of the merger, making it one of the most cost-effective solutions for anyone looking to use cryptocurrency.

According to a report, by the the Crypto Carbon Ratings institute (CCRI), the rate of energy consumption the electricity consumption has fallen from 23 million megawatt hours per year to now just 2.6k megawatt hours per year. Also the CO2 emissions have fallen from 11 million to 870, a near 99.99% drop too. This reduction in energy use is attributed to more efficient mining methods, as well as switching from PoW (Proof of Work) to PoS (Proof of Stake). 

At the time of writing, one ETH was worth $1,628.80, a decrease of 0.34% from its previous price. The volume of trade in Ethereum (ETH) over the past 24 hours rose by 15.77% to $6,971,625,467, suggesting that there might be a potential for a bull run in the next few hours. The price of Ethereum has found support at $1,615.39 and resistance at $1,662.58.

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Kelvin enjoys writing about cryptocurrency and blockchain. He started blogging in 2019 and switched to cryptocurrency in 2020. Kelvin is interested in technology, football, chess, and Defi. He wants decentralization to benefit everyone on the planet.