A new Crypto Carbon Ratings Institute (CCRI) report says the successful Ethereum (ETH) blockchain merge brings the technology close to net-zero carbon emissions.
The highly-anticipated Ethereum merge, intended to create a more sustainable blockchain, transformed the second-largest cryptocurrency from a proof-of-work consensus model to a proof-of-stake.
In doing so, Ethereum’s carbon emissions are slashed by an estimated 99.99%, according to the CCRI report commissioned by ConsenSys, a blockchain software company.
According to the crypto sustainability firm’s report, Ethereum’s annual electricity use went from 23 million megawatt-hours to a little more than 2,600 after the merge. As a result, carbon emissions decline from more than 11 million tons a year to under 870, which is the equivalent of the combined total of 100 typical American homes, according to the U.S. Environmental Protection Agency. The CCRI report says energy use also dropped, a decline of 99.98%.
A previous estimate by the Ethereum Foundation suggested the merge would result in a slightly lower electricity usage decline of 99.95%.
Joseph Lubin, ConsenSys founder and Ethereum co-founder, says,
“We’re delighted to have commissioned this report from CCRI, which substantiates the Ethereum merge’s impact as likely the biggest decarbonization effort of any industry in history. Having removed the high carbon footprint as one of the biggest barriers to future growth, Ethereum is now primed for further waves of interest, development, adoption, and investment, as the merge enables Ethereum to become internet scale IT infrastructure for low carbon projects around the globe.”
Uli Gallersdörfer, CEO of CCRI, says Ethereum is now as sustainable as other newer technologies that were initially launched as proof-of-stake models.
“We’re pleased to have been able to leverage our expertise to evaluate the success of Ethereum’s transition to proof-of-stake in sustainability terms and to have such positive findings.”
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