MIT (Massachusetts Institute of Technology) has included ETH 2.0 as one of the 10 most innovative technologies of 2022.
According to the MIT ranking, ETH developments around ETH 2.0 have been surprising researchers and academics due to the low energy it plans to use compared to other cryptocurrencies like BTC.
MIT about ETH 2.0
According to MIT’s rationale for ETH’s position among the top 10 technologies of the year, if all goes well with the switch from PoW to PoS on ETH, this will allow its network to go “green” which could mean a major turning point for ETH. the crypto ecosystem.
Furthermore, MIT estimates that this alternative method of securing digital currency could end cryptocurrencies’ energy consumption problems. Or, in the worst case scenario, it can reduce the carbon footprint on the ETH network by up to 99.95%.
“If successful, ETH’s proof-of-stake blockchain could lay the groundwork for wider adoption of energy-saving technology,” MIT highlighted.
As MIT has argued, other cryptocurrencies like BTC use large amounts of electricity. In 2021, the BTC network consumed more than 100 terawatt hours. This consumption is more than Finland’s typical annual energy budget, for example.
“Currently, the development of the BTC network does not plan to reduce its energy consumption, although most of its mining (58% according to the BTC Mining Council) uses renewable energy methods to care for the environment,” he said.
MIT further argued that, although the exact date at which ETH will make the final transition has yet to be announced, it is already possible to see the energy gain in the currently active testnet.
Based on data from the University of Cambridge, cryptocurrency expert Lyn Alden argues that the BTC network uses less energy than Google, YouTube or Facebook.
According to her, even though the media gives sensational reports about BTC’s energy consumption, it represents only 0.1% of global energy consumption.