Ethereum saves as much energy as Austria needs

Ethereum saves as much energy as Austria needs

The currency of the Ethereum platform is called Ether.

© APA/AFP/INA Fassbender/INA Fassbender

Ethereum technology with its own cryptocurrency ether can reduce its energy consumption by system conversion There has been a huge decrease in September. according to a new study now consumes cryptocurrency 99.9996 percent less power, In absolute numbers, it’s roughly the same Electricity consumption in Ireland or Austria,

“The Merge” Made Ethereum More Durable

Cryptocurrencies such as bitcoin or ether have long been criticized for being too energy-intensive. By mid-September, the so-called “proof of work” was used. To validate transactions on the blockchain in a forgery-proof manner, the computer processor had to complex calculations Implementing. Whoever solved the riddles first received a reward in the form of bitcoin or ether.

In Ethereum, one with one dissolve “merge” event From this concept on September 15 and the so-called “proof of stakeHere, randomly selected participants in the network verify whether a transaction is valid or not. The more shares a participant has in the network, the more likely they are to be selected for it.

Criticism from the bitcoin community

Bitcoin advocates in particular find this method unfair. However, the method has the advantage very low energy to need.

“The bitcoin community was very much against the change – but the Ethereum community, despite concerns and resistance, has shown that you can make software more environmentally friendly,” writes study author Alex de Vries of Vrije Universiteit Amsterdam.

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Power consumption similar to MasterCard

According to their calculations, Ether now uses between 0.8 and 14.7 watt hours of energy per transaction. For comparison: an average mastercard transaction the wanted 0.7 watt hour,

Before the merger, Ethereum needed to be around 100 terawatt hours electricity per year – which is roughly equivalent to the consumption of the Netherlands. Austria consumed 2021 around 73 terawatt hours Electricity.

You can read more news about bitcoin and other cryptocurrencies on our crypto channel futurezone.at/crypto,

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