Of the myriad of improvements expected with the coming of the Proof-of-Stakes in the forthcoming months, it is expected that no more will there be a need for a country’s worth. There is a lot of excitement about new energy estimates post merge.
By conservative calculations per carlbeek.eth blog: “Ethereum will see a greater than ~99.95% reduction in energy use post merge.”
With the Beacon Chain running for months now, analysts were able to dig in to reliable numbers. However, they do not have any clear idea about the kind of hardware used or any concrete statistics on energy consumption.
For those who are interested, it is worth checking the Ethereum blog: “A country’s worth of power, no more!”
The blog concludes with a looking forward statement which goes like: “While Ethereum continues to use PoW for now, that won’t be the case for much longer. In the past few weeks, we have seen the emergence of the first testnets for The Merge, the name given to the moment Ethereum switches to from PoW to PoS. Several teams of engineers are working overtime to ensure that The Merge arrives as soon as possible, and without compromising on safety.
Scaling solutions (such as rollups and sharding) will help further decrease the energy consumed per-transaction by leveraging economies of scale. Ethereum’s power-hungry days are numbered, and I hope that’s true for the rest of the industry too.”
Some of the users were excited and they state: It’s all about scale and cost. Can’t wait for that cheap gas.
Regarding the price, some were worried that the ETH price is dropping. Someone shouted out to Elon Musk stating “99.5% reduction in energy use. I think you have found your green blockchain solution.”
Some were like: PS: Stop tagging Elon Musk. He is a business man who likes complicated challenges. That’s it. Ethereum doesn’t need his approval. He likes control, makes money: – Buys crypto, pumps it, sells it – Pushes for renewable, guess why, because he is selling it.
However, some of them were left wondering stating, how do u know this, Ethereum didn’t tweet anything about energy reduction? Others replied stating Ethereum retweeted carlbeek post and considered it to be an acknowledgment of facts.
In response to the blog, one of the users stated, this is great work and a good article, but I find the title a bit confusing. It’s not that the energy consumption is equivalent to no more than one country, it’s that it’s no longer equivalent and now more trivial in comparison.
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