Ethereum processing power
Ethereum network's overall processing power plummets by 17%; Chinese government's anti-cryptocurrency measure likely to blame. The Ethereum Network Hash Rate Chart shows the historical measure of the processing power of the Ethereum network. The blockchain technology that powers Ethereum enables secure digital and Bitcoin is how the respective networks treat transaction processing fees. FOREX INFO LTD
Related topics Ethereum energy consumption Ethereum is a green blockchain. It uses a proof-of-stake consensus mechanism that can be run on low-powered devices and does not require heavy computation to participate.
Ethereum's proof-of-stake mechanism secures the network by using staked ETH rather than expended energy, like in proof-of-work. The switch to proof-of-stake means the energy expended by the Ethereum network is relatively small - on the order of 0. Proof-of-stake energy expenditure The energy expenditure of Ethereum is roughly equal to the cost of running a modest laptop for each node on the network.
Many articles estimate "per-transaction" energy expenditure to compare blockchains to other industries. The benefit of this is that it is easy to understand. However, transaction-based estimates can be misleading because the energy required to propose and validate a block is independent of the number of transactions within it. A per transaction unit of energy expenditure implies that fewer transactions would lead to smaller energy expenditure and vice-versa, which is not the case.
A per-transaction estimate is highly dependent upon how a blockchain's transaction throughput is defined, and tweaking this definition can be gamed to make the value seem larger or smaller. For example, on Ethereum, the transaction throughput is not only that of the base layer - it is also the sum of the transaction throughput of all of its " layer 2 " rollups, which are not generally included in calculations and would drastically reduce them.
This is one reason why tools that compare energy consumption per transaction across platforms are misleading. More relevant is the overall energy consumption and carbon footprint of the network as a whole. From those values, we can examine what that network offers to its users and society at large and make a more holistic evaluation of whether that energy expenditure is justified or not.
Per transaction measurements, on the other hand, imply the value of the network only comes from its role in transferring crypto between accounts and prohibits an honest cost-benefit analysis. Digiconomist provides whole-network energy consumption and carbon footprints for Bitcoin and Ethereum. In comparison, the total energy expenditure for securing Ethereum is closer to 0. Note that the estimates presented in the plot are from publicly available sources that have been linked to in the text below.
They are illustrative and do not represent an official estimate, promise or forecast. To put Ethereum's energy consumption in context, we can compare annualized estimates for other industries. As a digital payments platform we could perhaps compare to PayPal estimated to consume about 0. Estimates of energy consumption by Netflix range dramatically between about 0. Estimates of YouTube's energy expenditure have been broken down by channel and individual videos.
Those estimates imply that people consumed 45 times more energy watching Gangnam Style in than proof-of-stake Ethereum uses in a year. A green application layer While Ethereum's energy consumption is very low, there is also a substantial, growing, and highly active regenerative finance ReFi community building on Ethereum.
ReFi applications use DeFi components to build financial applications that have positive externalities benefiting the environment. ReFi is part of a wider "solarpunk" movement that is closely aligned with Ethereum and aims to couple technological advancement and environmental stewardship. The decentralized, permissionless, composable nature of Ethereum makes it the ideal base layer for the ReFi and solarpunk communities.
Through the development of these and others, e. DeSci , Ethereum is becoming an environmentally and socially-positive technology. Ethereum's carbon debt Ethereum's current energy expenditure is very low, but this has not always been the case. Ethereum switched on its proof-of-stake consensus mechanism in Q3 However, Ethereum used a proof-of-work mechanism from , which had a much greater environmental cost.
KarlKemp 10 months ago root parent next [—] He does understand. Blockchains don't exist to be fast, efficient, or scalable. They exist to be decentralized, permissionless, and censorship resistant. You've created a strawman argument. Netflix and Youtube aren't moving their hosting to the blockchain. Google's not storing database shards on IPFS. What people are trying to use blockchains for is the creation and persistence of digital property.
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And anyway, Proof of Work will soon come to an end. For the useful computational power which I personally find much more interesting, using hashrate is not the way to go. Application Specific Integrated Circuits ASIC are contributing heavily to the global hash-rate but are virtually useless for actual code execution, the same goes for graphic cards.
What matters is useful computational power for this comparison to make sense with super computers. Having dozens of exaFlops means nothing if we cannot do anything with it. I think we can agree on that, as you said we're building a peer-to-peer general purpose worldwide computer, plus the comments do use the Fugaku for comparison. The vast majority of computing power used by Bitcoin or Ethereum is useless outside maintaining security.
So let's try another estimation focusing on useful work that I'm afraid will be very disappointing. According to this website there are synced nodes at the time of writing using this one as in the comments you'd get similar numbers. Assuming that all of them are full nodes, that would mean processors currently contributing the useful Ethereum computing power. But one huge assumption was implicitly made: that their useful work can be summed.
Reset to default 7 The "processing power" of the EVM is unrelated to mining hashrate. Power is not an accurate phrase for the EVM, because what limits computation on the EVM is cost: gas used multiplied by gas price. The Ethereum protocol does not provide limits on what the gas price and block gas limit can trend to. Heavy computations are possible on the EVM, but they consume plenty of gas, and leads to inexorbitant costs.
Lower gas prices and block gas limits that trend higher, are what allow for more computation to be performed on the EVM.
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