Ethereum crypto will soon be 99.95% more environmentally friendly — here's how
Ethereum crypto will soon be 99.95% more environmentally friendly — hither'due south how
Editor's note
The information on this page should not be used every bit investment advice. Tom'due south Guide tin not tell you whether you should invest in a particular cryptocurrency, or in the market every bit a whole. Crypto prices can go down too as up and you could get back less than yous put in.
Ethereum (ETH) is set to slash its energy consumption by 99.95% within months as information technology makes the transition to a new infrastructure model.
The world's second biggest cryptocurrency currently has a carbon footprint comparable to that of Sri Lanka, simply according to a blog postal service from the projection, the shift to Ethereum 2.0 will dramatically reduce its energy needs. And while there'due south as yet no set date for when the change will take place, the post states that it will happen "in the upcoming months."
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Tesla'south announcement last week that it would stop accepting Bitcoin (BTC) every bit payment for its eco-friendly electric cars, due to the environmental affect of crypto mining operations, put the spotlight on the immense free energy demands required of some of the peak cryptocurrency performers.
Bitcoin'south proof-of-work consensus model requires high-powered computers — including specialized mining rigs — to constantly solve free energy-intensive math equations for a chance to earn BTC rewards. Co-ordinate to Digiconomist, the entire Bitcoin mining network'south energy consumption has soared of tardily, and has a carbon footprint comparable to that of Portugal.
Ethereum (ETH) also uses a proof-of-work consensus arroyo for mining, and though not as power-hungry as Bitcoin, its total estimated consumption has multiplied past iii times since the start of 2021.
Fortunately, in that location'southward promise on the horizon. Ethereum 2.0 will feature a new proof-of-stake blockchain model that relies on validators holding tokens within the network. That volition eliminate the need for ability-hungry PCs mining ETH, and new estimates advise that Ethereum 2.0 will be truly transformative, indeed.
According to The Ethereum Foundation, the non-turn a profit organisation that supports research and evolution behind the blockchain, the Ethereum two.0 upgrade will no longer require "a country's worth of power," dramatically scaling down the energy demands of the network.
The foundation's post on the matter suggests that the Ethereum 2.0 proof-of-stake network may only swallow around ii.62 megawatts, or nearly as much equally a small American boondocks with almost 2,100 homes, it claims. Neat for a smart contract platform that powers a cryptocurrency that equally of last week had a total marketplace cap above $500 billion (information technology's lower now), and is the courage of loads of decentralized finance (DeFi) apps, crypto games, and other services.
To put it some other way, a chart shared by the foundation suggests that if a single Bitcoin transaction was as tall as Dubai'southward Burj Khalifa skyscraper and a current Ethereum transaction was the Leaning Tower of Pisa, and then an ETH 2.0 transaction would exist comparatively as tall as a single 0.025m screw.
Precisely when Ethereum 2.0 volition roll out remains to be seen, all the same. The post states that teams of engineers are working overtime to ensure that The Merge, equally the upgrade is existence chosen, "arrives as soon as possible" — but then again, Ethereum 2.0 has been on the cards for years now.
Still, for those who accept concerns nigh Ethereum's energy consumption, these estimates are a seemingly positive sign of eco-friendly change on the horizon for the ascension cryptocurrency.
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Andrew Hayward is a writer and editor based in Chicago. His work roofing tech, crypto, games, and esports has appeared in more than 100 publications around the earth, including Polygon, Rolling Rock, Decrypt, and Stuff. He has covered cryptocurrency extensively since 2019, including coins, crypto games, and NFTs, and interviewed many creators and prominent figures in the space. He has also personally invested in several coins and currently holds less than 1 BTC, ii ETH, and 700 ADA, along with smaller amounts of other coins.
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