According to a report, Ethereum emits less carbon dioxide now than just a few hundred U.S. homes. According to Vitalik Buterin (co-founder of the blockchain), the Ethereum Merge reduced the world’s energy use by 0.2%. This may have been the most significant decarbonization effort in history.
The overhaul reduced Ethereum’s energy consumption by 99.988%, and carbon dioxide emissions by 99.992%. According to a new report by the Crypto Carbon Ratings Institute, the network emits less carbon dioxide (CO2) per year than a few hundred households in the United States.
The Ethereum merge reduced the Worlds energy consumption by 0.2%
We’re thrilled to have commissioned the report from CCRI which substansifies the Ethereum Merge as likely the largest decarbonization effort by any industry in the history,” ConsenSys founder Jospeh Lubin, who also co-founded Ethereum, stated in a statement.
Merge, the long-awaited merger, removed crypto miners to run Ethereum. It also abolished a system called Proof-of-work(PoW).) In favor of a Proof-of-stake mechanism (PoS), which doesn’t require large server farms that run complex computations and therefore consumes a lot more electricity, it has come under a href=”https://www.report-says/”>extremes-study-need-further-study-report-need-further-to-to-to-to-a> The amount of energy consumed by PoW (which is how bitcoin works) has been under extreme scrutiny by lawmakers and policymakers from around the globe.
According to one estimate, an Ethereum transaction consumed 200.05 kilowatt hours (kWh) of electricity before it was converted to PoS. This is comparable to the amount that an average American household consumes in 6.7 days.
Bitcoin mining uses more renewable energy than other industries
PoW is still used by Bitcoin, which has drawn criticism from policymakers and environmentalists. Some bitcoin advocates argue that bitcoin mining uses more renewable energy than other industries, and can help the world transition towards cleaner energy.
Michael Saylor has transformed MicroStrategy into a corporate Bitcoin vault. He argued Wednesday via a letter that mining bitcoin is “the most efficient and cleanest industrial use” of electricity.
The Merge could not only help the environment but it could also attract more Ethereum investors from ESG investors. These are those who invest only in companies or industries that meet certain environmental, social, and corporate-governance goals. After the PoS switch, investors who were barred from purchasing tokens that are run on PoW systems might be able buy Ethereum’s native token, ETH, Bank of America reported this week.
However, miners who were mining Ethereum (ETH) before the Merge have switched from mining PoW-based digital assets such as Ravencoin, Beam, and Ethereum Classic.
