• Ethereum’s PoW Energy Consumption Is Now Equivalent to a Country of 19 Million People

  • The current annual energy usage of the PoW blockchain, Ethereum, is given as more than 82.1 TWh, which equals to an entire nation of more than 19 million people. The fundamental reason for PoW blockchains’ high energy usage is their validation needs.

    Proof-of-Work protocols often require higher levels of energy consumption to keep the system safe and running.By switching to a Proof-of-Stake consensus layer, the #Ethereum Network aims to reduce the blockchain’s energy consumption by 99.95%. — Binance (@binance) August 27, 2022

    Users require a computer or hardware device capable of solving complex algorithmic difficulties, such as Keccak-256 with Ethereum, which necessitates strong processors that consume a lot of power to run, maintain, and cool them in order to validate PoW networks.

    For years, Ethereum software experts have been working to transition the blockchain to proof-of-stake consensus, which uses a whole different way to protect the network while simultaneously addressing the carbon emissions issue.

    After setbacks caused by the high energy consumption of the two most important PoW blockchains, Bitcoin and Ethereum, the cryptocurrency industry sorely needed the adjustment. Tesla abandoned Bitcoin payment for its cars in May 2021 on the basis of energy use.

    Users and developers of Ethereum, the second largest cryptocurrency, have wrestled with how to lessen their carbon impact since its beginnings.

    Several recent advancements will now allow the Ethereum network to substantially reduce energy consumption. The Merge, Ethereum’s transition to a proof-of-stake consensus technique, is predicted to cut energy consumption by 99.95%.

    Timeline for the Ethereum Merge

    The Bellatrix upgrade will be implemented on the Beacon Chain on September 6. This upgrade would initiate the remaining phases in the Merge process. The activation is scheduled for roughly 11:34:47 a.m. UTC on September 6 at epoch 144896 on the Beacon Chain.

    The Terminal Total Difficulty (TTD) that causes the Merge to occur is thus 58,750,000,000,000,000,000,000. The TTD is expected to be reached between September 10 and September 20. As previously reported by U.Today, Ethereum developers have stated that they intend to launch the platform between September 15 and September 16.

    During this time, it is expected that the difficulty level will climb to the point where proof-of-work crypto mining would become impossible. When TTD reaches 58,750,000,000,000,000,000, the network will merge its execution layer with the new consensus layer, resulting in the “Merge.”

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