Ethereum co-founder Vitalik Buterin has weighed in on the ongoing debate about crypto energy consumption. Buterin has stated that Ethereum will eliminate its energy consumption problem once it fully transitions to Ethereum 2.0.
In an interview, Buterin has stated that Proof-of-Stake is highly energy efficient. He added that with the transition to Proof-of-Stake, Ethereum would reduce its energy consumption by a factor of between one hundred and ten thousand. This would mean that Ethereum could reduce its energy consumption by up to 99.5%.
The Ethereum Foundation supports Buterin’s assertions. As per the foundation, Ethereum’s Proof-of-Stake consumes around 2.62 megawatts. The foundation noted that this is the same energy that a small town would consume. As currently set up, Ethereum consumes the same energy as a mid-sized country. Nonetheless, the foundation noted that it is still early days for PoS.
Besides touching on energy consumption, Buterin also offered timelines on the transition to Proof-of-Stake. He stated that the expectation is that the complete transition should have happened by the end of the year. However, the consensus is that the full transition will most likely be complete in early 2022.
Buterin noted that the transition was a matter of urgency to the developer team working on the Ethereum blockchain. He added that he was ecstatic about the whole process because it would eliminate lots of the problems that Ethereum faces today.
Ethereum’s push to Proof-of-Stake has analysts’ optimistic about its future growth. According to Dan Morehead of Pantera Capital, Ethereum has a vast Dapps ecosystem that supports its long-term growth.