Cofounder of Ethereum Vitalik Buterin cited a crypto researcher and tweeted that the Ethereum Merge from last week reduces global energy consumption by 0.2%. That is one of the largest decarbonization events in the history. The merge upgraded Ethereum from Proof-of-Work to Proof-of-Stake consensus mechanism that makes Ethereum nearly net-zero CO2 technology.
Before the Ethereum 2.0 technology, ever transaction on Ethereum would take about 200 kWh of electricity, which was approximately how much the US household would use on average for almost 7 days, according to Ethereum Energy Consumption Index.
Besides sustainability, the merge provides faster transaction speed that can process 100 thousands transactions per second, compared to 30 transactions per second before the merge.
Closing Thoughts on Ethereum Merge
At the mean time, the largest cryptocurrency in the world by market cap, Bitcoin is still using PoW mechanism may not be in favored of lawmakers due to the concerns of environment and sustainability. On the other hand, the Bitcoin Mining Council claims that about 58.5% of the mining energy was renewable energy by Q4 2021. With the development of clean energy industry, MEXC Global is hoping to see safe network security yet protecting the earth.