Business

Ethereum Plunges 99.9% – Great New PoS Support


Reduced energy consumption – On September 15, ethereal a finalized transition from Proof of Work to Proof of Stake. This update affected at different levels, in particular for the energy consumption of the network which has been drastically reduce.

Ethereum consumption reduced by 99.9%

As we just saw, The Merge update moved Ethereum from Proof of Work to Proof of Stake.

As a result, the mines were replaced by node validators. Excellent news for the energy aspect of the network. Indeed, miners must spend significant amounts of energy to validate the blocks. Conversely, validator nodes are extremely economical in energy.

Following this transition, the energy consumption from the Ethereum network to 99.9% hit. At its peak, the network consumed nearly 94 TWh per year. After switching to Proof of Stake, the network now consumes an average of 0.01 TWh for one.

Evolution of Ethereum energy consumption – Source: Digiconomist

Obviously you energy cost of each transaction has also drastically and revenue. Indeed, an Ethereum transaction consumes on average 0.03kWh and a carbon impact equivalent to 44 VISA transactions or 3 hours of video on YouTube.

>> Returns that beat the bear market, it’s on AscendEX (commercial link) <

Ethereum: all metrics green

In addition to electricity water consumption, the move to Proof of Stake has other implications.

Initially, this led to a unattended decrease in block time. Currently, Ethereum is producing a new block all of them 12 seconds instead of 13. A small difference, but which allows, at the end of the day, the network to produce approximately over 1,000 stamps each day.

Additionally, The Merge expansion has changed the way ETH is present. Indeed, I went to Proof of Stake to generate a Decrease in ETH emissions by 99%. This decrease has, in itself, an interesting impact. Indeed, coupled with the destruction of ETH introduced by EIP 1559, the decrease in transmission generates a deflation on ETH.

As a reminder, EIP 1559 introduced a mechanism for the systematic destruction of part of the transaction fees. Thus, Coupled with the emission reduction, these two elements made the network deflationary, with about -0.07% monetary issuewith current market conditions.

Ethereum Plunges 99.9% – Great New PoS Support
Prediction on the annual issuance of ETH under current conditions – Source: Ultrasons.money

Unfortunately, all is not rosy for the network. Indeed, the transition to Proof of Stake to also I spawned a censorship issue on Ethereum. In fact, a majority of notebook producers come back to censor transactions intended for TornadoCash.

The fall in the price affects us all. Take advantage of current market conditions to quietly accumulate Bitcoin and cryptocurrencies. Register now on AscendEX and the advantage of amazing returns with AscendEX Earn (commercial link).




Source link

Advertisement

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button