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ETH Merge Has Decreased World Electricity Usage By 0.2%, Making It The Biggest Decarbonization Event In History ⋆ ZyCrypto

ETH Merge Has Decreased World Electricity Usage By 0.2%, Making It The Biggest Decarbonization Event In History ⋆ ZyCrypto

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It’s good news for the Ethereum community and the world at large as the network completes a merger that ushers in the era of the Proof-of-Stake operating model instead of the old Proof-of-Work system that has powered the network. nearly a decade.

According to earlier Twitter post With Ethereum’s own Vitalik Buterin, the transition from PoW to PoS means that Ethereum has reduced electricity consumption globally by 0.2%. From a local perspective, another post from another party claimed that the Ethereum network had reduced its internal energy usage by around 99.9%. It is a huge step forward in making ETH one of the most eco-friendly cryptos.

PoW Vs PoS system

To be clear, it is worth noting that the main difference between PoW and PoS is how users earn their rewards and how much energy is consumed during this process. PoW uses massive amounts of computing power to solve complex mathematical problems to keep the hash rate high and the network secure. This consumes a lot of electrical energy in the process, which has not impressed many people due to its environmental impact. The likes of Tesla’s Elon Musk have complained about Bitcoin due to the intensive energy consumption caused by its PoW model.

On the other hand, PoS works in such a way that users commit their assets to a stake pool. This method uses minimal energy resources and has become popular with many. Many blockchain networks that support several popular cryptos, including Cardano, work according to this model.

The ETH market

Although the Ethereum merger has been very optimistically anticipated, its full impact has yet to materialize. ETH is currently trading around $1,439, down 1% over the past 24 hours and down 16% over the past seven days. However, this is expected to change for the better when the update becomes familiar and more node operators update their systems.

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Source: https://zycrypto.com/eth-merge-has-decreased-world-electricity-usage-by-0-2-making-it-the-biggest-decarbonization-event-in-history/



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