Data provided by tradingplatforms.com shows that the energy consumption of a single ethereum transaction is around 238.22 kWh. This energy consumption is well above 100,000 Visa transactions, which would use about 149 kWh.
Global grid energy consumption has increased significantly in 2021. Recent results indicate that global consumption reached 106.33 TWh as of January 11, 2022.
Edith Reads from Tradingplatforms commented on the findings: “The high power consumption by the Ethereum network is currently largely due to the method of validating PoW. The organization has already announced plans to move to PoS, which will reduce consumption significantly. I think this will be critical. , especially as the world of technology prepares for the era of Web 3.0.”
Upgrading Ethereum to Solve Environmental Problems
The energy consumption of the Ethereum and Bitcoin networks has long worried environmentalists. Vitalik Buterin, co-founder of Ethereum, argues that an upgrade to ETH 2.0 will provide the long-awaited solution.
Switching to the PoS consensus network will eliminate the two miners needed to validate network transactions under the current Proof of Work model. When you do this, no high computational power is required to validate the blocks.
Web3 power consumption concerns
Upgrading Ethereum to Eth 2.0 will eliminate excessive energy expenditure, making it nearly 2,000 times more energy efficient.
The Ethereum Foundation has been working on this for several years. It had initially scheduled the upgrade to ETH 2.0 for December but pushed it to June 2022.
The full story and statistics can be found here: https://tradingplatforms.com/blog/2022/01/12/energy-consumption-by-one-ethereum-transaction-could-power-over-100000-visa-transactions/
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