- Proof of Work relies on processing capacity to solve mining riddles.
- Ethereum is still based on Proof of Work.
A research organization has attempted to measure the precise variations in energy use by some of the most popular crypto blockchains over the last several years. In a study by Ulrich Gallersdorfer, Lena Klaaßen and Christian Stoll of the Crypto Carbon Ratings Institute,
According to the study, Cardano and Solana utilize the least power per node and transaction, respectively. The report was commissioned by Ava Labs and connected to the Avalanche blockchain, which was also analyzed.
Using DeFiLlama data from February 1, the analysis found that the total value locked in financial apps on each platform is US$18,454 (RM77,165) per kilowatt-hour for Avalanche, US$4,395 (RM18,377) for Solana, and US$19.18 (RM80.20) for Polkadot.
Ethereum Undergoing Modifications
There is a difference between Proof of Work and Proof of Stake systems. Proof of Work relies on processing capacity to solve mining riddles, whereas Proof of Stake needs validators to lock in funds for a specified amount of time to propose or vote on new blocks. Though Ethereum is now undergoing modifications to convert it to Proof of Stake, Ethereum is still based on Proof of Work.
Elon Musk, crypto analysts, and everyone connected to the crypto world are concerned about Bitcoin’s energy use, and nations that host miners are as well. According to the CCRI research, Proof of Stake networks use less than 0.001 percent of the Bitcoin network.