Cambridge University researchers, one of the most respected higher education institutions in the UK and the world, conducted a comprehensive study on the energy consumption of cryptocurrency networks.
University scholars compared Ethereum 1.0 (formerly Ethereum) and current Ethereum networks running on the staking system.
How Much Electricity Does the ETH Network Consume?
Calculating the total power consumption of Ethereum over the products in our daily lives, the experts compared the blockchain network with their own institutions, air conditioning and consumption tools such as Tesla Cybertruck.
According to the report, the current amount of energy consumed by the Ethereum network is equal to the 16-day electricity consumption of Cambridge University. With the power supplied to the ETH network, a Tesla vehicle can cover a distance of 14.7 million km, while the annual energy needs of approximately 1700 British households can be met.
ETH Network Uses Less Energy Than the Eiffel Tower!
Cambridge academics also compared the amount of energy Ethereum uses with famous structures and companies. According to the research, the ETH network consumes about 6.13 GWh of electrical energy.
According to the comparison, Deutsche Bank, one of the largest banks, consumes 69 times more energy than Ethereum with 423 GWh. Some of the cryptocurrencies are critical of the amount of energy consumed by blockchain networks.
To What extent Did the Merge Update Affect Energy Demand?
Cambridge researchers also discussed the Merge upgrade, which took place last September. With Ethereum Merge, which was completed on September 15, the proof-of-work mining system is a thing of the past. Staking systems took the place of graphics cards.
According to the report, the energy consumption of the Ethereum network decreased by 99.99% after the Merge update.
