Ethereum’s transition to PoS reduces global electricity consumption by 0,2%
This was reported by the blockchain’s co-founder Vitalik Buterin after The Merge
15.09.2022 - 13:50
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What’s new? Ethereum co-founder and developer Vitalik Buterin has reported that after the network switched from the Proof-of-Work (PoW) consensus algorithm to Proof-of-Stake (PoS), global electricity consumption reduced by 0,2%. Buterin wrote this on Twitter.
"The merge will reduce worldwide electricity consumption by 0.2%" - @drakefjustin— vitalik.eth (@VitalikButerin) September 15, 2022
What is known about The Merge? The upgrade took place around 06:40 UTC on September 15. Due to the algorithm change, the way coins are earned on the network has changed to staking. In August, the developers reported that after the upgrade, the transaction speed and fees on the network will remain at the same levels. ETH can only be unstaked after the next update, called Shanghai.
In late August, the CEO of cryptocurrency hedge fund Pantera Capital Dan Morehead reported that Ethereum’s energy consumption would be reduced by 99,95% after the transition to PoS. This will increase its resilience, as well as have a positive impact on “an environmental, social, and governance (ESG) perspective.”
As of 13:45 UTC, ETH is trading at $1583, having lost 1,01% per day, according to Binance.
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