Illustration by Alex Castro / The Verge

The Merge, which took place early Thursday morning ET, will cut Ethereum’s energy consumption by an even bigger margin than previously expected, a new analysis finds. It’s also expected to slash the cryptocurrency network’s greenhouse gas emissions dramatically.

Ethereum’s electricity use is expected to drop by a whopping 99.988 percent post-Merge, according to the analysis published today by research company Crypto Carbon Ratings Institute (CCRI). The network was previously using about 23 million megawatt-hours per year, CCRI estimates. Moving forward, it’s expected to use just over 2,600 megawatt-hours per year. To help visualize just how massive this is, the report compares this reduction to the Eiffel Tower shrinking to the size of a…

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