- In a groundbreaking revelation, Cambridge University’s latest study highlights the remarkable environmental transformation of the Ethereum blockchain.
- This unusual transformation signals a positive change in the crypto sector’s environmental impact and challenges biases regarding the blockchain’s energy consumption.
- In September 2022, the crypto market underwent a significant software update known as the “Ethereum Merge,” resulting in a striking 99% reduction in energy consumption.
Cambridge University, in a groundbreaking revelation, has prepared a new research report on Ethereum: Here are the details!
Research Report on Ethereum from Cambridge
In a groundbreaking revelation, Cambridge University’s latest study highlights the remarkable environmental transformation of the Ethereum blockchain. Before an impactful software update in 2022, the cryptocurrency’s greenhouse gas emissions were equivalent to Honduras’ annual production.
This unusual transformation signals a positive change in the crypto sector’s environmental impact and challenges biases regarding the blockchain’s energy consumption. The Cambridge University study sheds light on the environmental impact of the Ethereum blockchain, revealing that the prehistoric greenhouse gas emissions were equivalent to the annual emissions of Honduras. This significant comparison underscores the crypto sector’s potential for positive change and environmental responsibility.
However, in September 2022, the crypto market underwent a significant software update known as the “Ethereum Merge,” resulting in a striking 99% reduction in energy consumption. Before this transformation, Ethereum, the second-largest crypto by market value, had accumulated greenhouse gas emissions equivalent to 27.5 million tons of carbon dioxide since its inception in 2015 until the Merge occurred.
In contrast, post-Merge, Ethereum’s annual emissions in the system are only equivalent to 2.8 kilotons of CO2, which the report compares to the environmental impact of five round-trip flights from London to New York.
Anna Lerner, the Executive Director of the Ethereum Climate Platform, highlights the crypto sector as a trailblazer questioning the perception of crypto as a high-emission technology. Lerner emphasizes Ethereum’s commitment to preventing excessive pollution, underscoring the platform’s dedication to environmental security.
Closer Examination of the Report
The study compares Ethereum’s environmental achievements with Bitcoin, relying on November 2022 data, indicating that Bitcoin produces approximately 73.9 MtCO2e annually. This places Bitcoin’s annual emissions on par with Cambodia’s 2020 production, as reported by Climate Watch. Meanwhile, the comparative analysis showcases Ethereum’s progress in reducing its ecological footprint, setting an example for the broader blockchain and cryptocurrency space.
While cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) often serve as investment vehicles, Ethereum’s commitment to emissions reduction sets an example for the industry. As global leaders convene for the COP28 climate summit, Ethereum’s environmental success story challenges the narrative around the blockchain’s environmental impact and encourages further exploration of sustainable practices in the crypto space.
