Could Ethereum Run On Just 0.05% Of It's Current Electricity Levels?! A Potential GAME CHANGER....

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Ethereum developer Carl Beekhuizer says 'Ethereum’s power-hungry days are numbered' and explores the energy usage difference that will be seen when Ethereum makes the switch to proof-of-stake(PoS). This replaces the current network's validation method known as proof-of-work (PoW, aka traditional 'mining') and will allow the platform to run on just 0.05% of it's current power usage level, claims Beekuizer.

According to Digiconomist miners currently consume 44.49 TWh per year, and Beekuizer says that could go as low as 0.02 THw by changing to PoS.

While critics compare Bitcoin's power usage to that of a small country, Beekuizer says Ethereum's total usage would be more like 'a small town of around 2100 American homes'.

Energy Usage Has Been This Month's Hot-button Issue...

This comes days after Tesla CEO Elon Musk said that his company will stop accepting bitcoin, and citing a large energy expenditure from non-renewable energy sources as his reason.

However, various studies have shown that most of the electricity consumption of crypto miners comes from renewal energy sources.

Energy costs are the most important factor in mining, that's why there's few cities where it's considered profitable. In most locations you'll spend more on electricity than you'll make mining, buying coins instead of paying large power bills becomes the smarter option.

Naturally, miners seek out locations with cheap electricity, and ironically, the cheapest comes from hydroelectric dams and geothermal power plants - and both are completely free of carbon emissions.

Author: Fernando Perez
Latin America Newsdesk

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