After years of delays, Ethereum is migrating to the gimmick. This month’s proof-of-stake will significantly reduce the energy consumption needed to run the blockchain.
This would have a huge impact on NFTs that mostly trade on Ethereum, and reduce their environmental impact and potentially help maintain the reputation of Ethereum-based NFTs among gamers, content creators, environmentalists, and others. outside the crypto space and may stimulate a new era of NFT implementation.
“Ethereum’s Electricity Demand [ปัจจุบัน] Equal to the size of a developed country like Portugal,” said Alex de Vries of Digiconomist, a platform that tracks Ethereum and Bitcoin energy consumption and carbon emissions.
“Because we are in the midst of an energy crisis and a climate emergency. This will be a huge step forward in making Ethereum more sustainable.”
Proof of stake will replace electrification for miners. And this will reduce the energy consumption of Ethereum by 99.5%.
Ethereum is not the only blockchain to support NFTs, but it is the largest NFT volume network, where Ethereum accounts for more than 80% of all NFT trades, while proof-of-stake Solana, for example. The same account held only 12% of the share last year, according to The Block’s Data Dashboard.
Last year, the number of transactions on Ethereum was 428 million, according to data from Ethereum. Messari While Ethereum uses about 112 terrawatt hours (TWh) of energy per year, an average Ethereum transaction uses 261.7 kilowatt hours (KWh), which is 0.113 metric tons of CO2 emitted. or equivalent to driving a gas-powered car for 281 miles accordingly. EPA
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