According to calculations made by economist and creator of the Digiconomist consultancy, Alex de Vries, the switch will save Ethereum between 99 and 99.99 percent of its energy use.
(It should be pointed out that De Vries underlines that no peers have yet reviewed his work.)
“It’s a really small change to the code that’s going to have a very big impact on environmental sustainability,” said De Vries.
Before ‘the merge’, Ethereum mining was creating up to 900 billion calculations per second!
This will no longer be needed!
De Vries calculated that the annual carbon dioxide emissions caused by Ethereum were around 44 million metric tonnes.
If he’s right, this will now be a huge amount less by our calculations the new footprint will be around 440,000 metric tonnes as opposed the previous 44,000,000 tonnes.
You can already use Ethereum to pay for hotel bookings, flight packages and train tickets.
You can even purchase products on Amazon using Ethereum if you have a ‘Bitpay’ account!
This is an amazing change that will have a significant positive impact not just for the present but for the future.
As crypto is likely to be the currency of choice moving forward for web 3.0 and with mobile technology and a cashless society being a distinct possibility, this gives those that wish to be more sustainable a clear choice!
Finally, you can use a crypto currency with the confidence that it’s impact on the planet is extremely low – a greener crypto currency in a market of polluting currency shines a light on how our future can be sustainable!