Bitcoin curiosities behind? Ethereum will be eco

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Bitcoin curiosities behind? Ethereum will be eco

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Ethereum for the second largest cryptocurrency in the world. No surprise - energy consumption is only lower than bitcoin. But that will change - ETH will be really eco.

Ethereum will be 99.95% greener

The bitcoin network consumes around 114 TWh of electricity annually - that's slightly less than half of the total consumption generated by the traditional banking system. Opinions on whether it is a lot or a little are divided, although the first opinion definitely prevails. If - like Elon Musk - you think that cryptocurrencies should be restricted in one way or another for this reason, then know that the people responsible for one of them have already found a solution. As a result, ethereum - because that's what it is - will be much more eco-friendly.


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Energy consumption by cryptocurrencies - ethereum will leave bitcoin behind

There have been talk of the potential opportunities arising from the transition to Proof-of-Stake (in which miners do not compete with each other, but the transaction is confirmed by the person who stores the cryptocurrency) for years. And since its tests have been underway for several months, it is already possible to talk about specific numbers. These in turn are such that PoS ethereum consumes 2000 times less energy than PoW ethereum.

Environmentally friendly cryptocurrencies?

Thanks to this change, ETH 2.0 will not consume energy at a level comparable to a large country, but to a small city (with just over 2,000 homes). So no more such a negative impact on the environment. Unfortunately, we do not know yet when exactly this "end" will come. The most accurate deadline we managed to get is "in a few months".

Source: Ethereum Foundation Blog, Decrypt, Crypto Briefing, Volume Guide
 
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