A new analysis shows that The Merge will cut energy consumption by a bigger margin than previously thought. It is expected to cut the network's greenhouse gas emissions in half.
According to the analysis published today by theCCRI, the electricity use of ether is expected to plummet after the merger. The network used about 23 million megawatt-hours a year. It is expected to use over 2,400 megawatt-hours per year. The report compares the reduction to the Eiffel Tower to see how big it is.
The Eiffel Tower is smaller than a Lego person.
The change should reduce the carbon dioxide emissions by 99.992 percent. The network's climate pollution goes from 11 million tons of CO2 emissions a year to around 870 tons, which is less than 100 homes in the US would use in a year.
ConsenSys commissioned the report. ConsenSys was founded by Joseph Lubin and was involved in the research and development of The Merge.
Other estimates are in line with the report. Alex de Vries, a researcher who runs the websiteDigiconomist that tracks the energy use of digital currencies, estimates that the electricity demand for ether has fallen by almost 100 percent. The software update was supposed to reduce energy use by 99.95 percent.
The pollution reduction is due to a change in the way users are rewarded for their hard work. Check out our explainer for more information. Proof of work is a mechanism that uses a lot of computing power to verify transactions. Proof of work required miners to solve computational puzzles in order to get new blocks on the chain.
The proof of stake is a new mechanism that eliminates puzzles and mining. validators need to stake some of their token in order to be rewarded with token in return for validation of new transactions.
Computers are still needed to store and verify data. validators will still run their hardware. Their hardware won't be as energy-hungry. The small discrepancies in estimates for energy consumption have to do with how many validators there are, what type of equipment they use, and whether it runs on clean or dirty energy.
The launch of The Merge puts more pressure on other cryptocurrencies. There is an elephant in the room that is estimated to consume more electricity every year as the country of Kazakhstan.
Uli Gallersdrfer is the co-founder and CEO of the CCRI.
Some people are against the change.
Some miners are against the change because they want the proof-of-work to continue.
According to de Vries, the total amount of energy that is going to be saved here could be less than 99% if there is proof of work.
The value of the rogue chain's new token will affect how much pollution it causes. It is necessary that the value is high enough to keep miners' energy costs low. The price of that token quickly fell after the initial surge.
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