- Ethereum’s shift from PoW to PoS will cause its energy consumption to fall by 99.95%.
- The update comes from the Ethereum Foundation’s blog, which compares the usage now and after the shift.
- Further, he adds that Ethereum will become 7,000 times more energy-efficient than Bitcoin.
The report comes from the latest article on the Ethereum Foundation’s blog. Written by Carl Beekhuizen, it claims that the major blockchain’s move from mining to staking will reduce energy use by 99.95%. With the title ‘A country’s worth of power, no more!’, the post gives details on what the expected numbers of energy use are and where they will originate from.
Further, the article goes on to compare the two consensus systems. As of now, Beekhuizen notes, the estimated use falls around 5.12 gigawatt. Later, when using Proof-of-Stake, the number will fall to a mere 2.62 megawatt. As per his calculations, he writes, “This means that PoS is ~2000x more energy efficient based on the conservative estimates above, which reflects a reduction of at least 99.95% in total energy use.”
“By contrast, Ethereum PoW uses the equivalent energy of a house for 2.8 days per transaction and Bitcoin consumes 38 house-days worth,” he adds.
Not just this, but Beekhuizen pays attention to comparing the top blockchain with Bitcoin. He mentions that after the move, the Ethereum network will be almost 7,000 times more energy-efficient than Bitcoin.
Ethereum’s power-hungry days are numbered, and I hope that’s true for the rest of the industry too.”
Looking to the future, the blog article concludes with a hopeful note stating that Ethereum will soon be shifting to PoS from PoW, with several engineers working overtime to ensure that.