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6 February 2024 Study on energy efficiency and carbon neutral path of Ethereum blockchain: from PoW to PoS
Yungui Chen, Lei Yang, Yong Fan, Longqing Zhang, Liwei Tian
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Proceedings Volume 12979, Ninth International Conference on Energy Materials and Electrical Engineering (ICEMEE 2023); 129793R (2024) https://doi.org/10.1117/12.3015149
Event: 9th International Conference on Energy Materials and Electrical Engineering (ICEMEE 2023), 2023, Guilin, China
Abstract
This paper revisits the thorny issue of energy consumption and carbon emissions associated with the Ethereum blockchain, introducing the Ethereum network's strategic resolution for improving energy consumption and carbon footprint - the Merge. The main focus is transitioning from a Proof of Work (PoW) to a Proof of Stake (PoS) consensus algorithm. Theoretically, we dissect the feasibility of transitioning from PoW to PoS consensus algorithms in ameliorating energy efficiency and carbon emissions. Additionally, we have amassed and curated data from relevant research bodies about this issue. Both theoretical analyses and institutional data underscore that Ethereum has begun to reduce energy consumption and carbon emissions significantly.
(2024) Published by SPIE. Downloading of the abstract is permitted for personal use only.
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Yungui Chen, Lei Yang, Yong Fan, Longqing Zhang, and Liwei Tian "Study on energy efficiency and carbon neutral path of Ethereum blockchain: from PoW to PoS", Proc. SPIE 12979, Ninth International Conference on Energy Materials and Electrical Engineering (ICEMEE 2023), 129793R (6 February 2024); https://doi.org/10.1117/12.3015149
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KEYWORDS
Blockchain
Power consumption
Energy efficiency
Network security
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