While crypto moves so quickly that it may feel like forever ago, Ethereum’s transition from proof-of-stake to proof-of-work is still spawning fresh research on the energy consumption of blockchain networks—most recently from the University of Cambridge.

The Cambridge Centre for Alternative Finance (CCAF), best known for its Bitcoin energy consumption dashboards and research at the Cambridge Judge Business School, unveiled its Cambridge Blockchain Network Sustainability Index (CBNSI) on Wednesday.

The tool explores the environmental implications of the merge while comparing Bitcoin to Ethereum—the two largest cryptocurrencies by market cap. It also represents the organization’s foray into publishing dashboards for proof-of-stake networks.

Bitcoin and Ethereum once relied on a proof-of-work mechanism for validating transactions, where computers continuously crunch complex calculations in hopes of winning tokens as a reward. But last summer, Ethereum finally transitioned to proof-of-stake, where transactions are verified by actors that have pledged tokens to a network, often in the form of staking.

While the Ethereum Foundation was quick to say the transition made Ethereum 99.95% more energy-efficient, according to CCAF research, the energy consumption of Ethereum plummeted by 99.99% after the merge.

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Author: André Beganski

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