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The Ethereum Foundation has published on its official blog that the network is indeed working on the transition to its version 2.0 and to operate under Proof-of-Stake (PoS) . With this operation in its Blockchain it indicates that a reduction of the . 95% of electricity consumption.
Ethereum will complete the transition to Proof-of-Stake in the coming months, leading to a myriad of improvements that have been theorized for years. But now that the Beacon chain has been up and running for a few months, we can break down the numbers. An area that excites us is the new estimates of the use of energy as we ended up spending process energy of a country in consensus.
Even if There is no exact statistics on power consumption , nor on the hardware used, the next step is to make that estimate of the energy consumption that Ethereum will have in the future.
Ethereum points out that because users use several validators then it will use unique addresses that they have made deposits, as an indicator to know how many servers there are currently. At the time of pointing this out in the statement, there was , 592 validators of 13, 405 unique addresses.
This greener model on the Ethereum blockchain, means that the same method as Bitcoin will no longer be used, which rewards miners who are competing with each other to record and confirm transactions on their blockchain. Which implies more use of computers and, therefore, energy.
This is not as simple as explained, the developers have pointed out that there are still months to see the adaptation of this change in the operation of mining and transactions of Ethereum. But the important thing is that it seems that the path is established and probably at the end of 2021 if you have at least one of the many cryptocurrencies on the market operating in an ecological way.
If this happens, and have an “eco friendly” Ethereum by the end from 2021 there are forecasts that indicate that Ethereum could reach the , 000 dollars. Those new updates that will reach the network involve a change or method regarding the confirmation of transactions. Ideally, other cryptocurrencies should also enter into this ecological regulation.
In the Ethereum Foundation blog it is highlighted that Ethereum miners currently consume , 49 TWh per year, which is equivalent to 5, 13 gigawatts continuously.
Ethereum PoW uses the energy equivalent to a house for 2.8 days per transaction and Bitcoin consumes 38 days from home.
In short, the look to the future of This crypto is the change and improvement in its engineering. They already enthusiastically note that “In recent weeks, we have seen the emergence of the first testnets for ‘The Merge’, the name given when Ethereum switched from PoW to PoS. Several teams of engineers are working overtime to ensure that “The Merge” arrives as soon as possible, and without compromising security. ”
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