⚡ Ethereum plans to cut energy consumption by 99% with PoS
Ethereum mining consumes between a quarter to half of Bitcoin's energy but accounts to roughly the electricity of Iceland in 2018.
“That’s just a huge waste of resources, even if you don’t believe that pollution and carbon dioxide are an issue. There are real consumers—real people—whose need for electricity is being displaced by this stuff,” says Ethereum founder, Vitalik Buterin.
The Ethereum foundation further announced they are planning to introduce a new version of the smart contract development that will only require 1% of current power consumption by shifting away from Proof-of-Work.
Although the transition to Proof-of-Stake has been planned for nearly two years, the team has struggled to deliver the new consensus method:
"It’s widely accepted in the Ethereum community that PoW uses far too much energy. For me it is the No. 1 priority,” says Ethereum contributor Paul Hauner.
7 Jan 2019
1 min read