Altcoin News- The network often came under fire for the negative impact it had on the planet.
- Energy usage decreased since the merging transition to proof-of-stake was successful.
On Thursday, September 15, 2022, the Ethereum Network completed the switch from proof-of-work to proof-of-stake mining. The change ushers in a new age for the crypto community that is easier on the planet, as blockchain technology now requires 99.95% less power than it did before.
It’s been in the works for a while, but the long-awaited upgrade is now here. The network often came under fire for the negative impact it had on the planet. The merger is supposed to alter that. In contrast to the optimistic forecasts for energy use, actual consumption rates have been published.
The Merge Pays Off
Energy usage decreased since the merging transition to proof-of-stake was effective. There has been a noticeable decrease in energy use. Initial results indicated a faster reduction in energy use and carbon footprint than anticipated.
Software firm ConsenSys, which specializes in Ethereum, gave the Crypto Carbon Ratings Institute (CCRI) permission to conduct the research. Apparently, Ethereum consumes 99.99% less power at this time. More than that, the blockchains environmental impact has decreased by 99.99%.
The ETH network used 23 million kWh annually before the integration. The annualized consumption rate is expected to be close to 2,600 MWh at this time, according to the CCRI assessment. In addition, yearly CO2 emissions have decreased from 11 million to 870.
This change ranks high on everyone’s list of expected ones, and the energy data are a big part of it. Following Ethereum’s switch to proof-of-stake, many analysts believe that other big currencies, including Bitcoin, will soon follow suit.
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Source: https://thenewscrypto.com/ethereum-energy-consumption-plummets-99-99-post-merge/