Ethereum Merge cuts power use over 99.9%

• The Cambridge Centre for Alternative Finance said Ethereum (CRYPTO:ETH) cut power use by more than 99.9% after the Merge.
• Ethereum ranked second-lowest for energy use relative to market value among major proof-of-stake networks.
• The study found Ethereum's remaining emissions now depend mainly on the electricity sources used by network nodes.

The Cambridge Centre for Alternative Finance said Ethereum (CRYPTO:ETH) reduced its electricity use by more than 99.9% after switching to proof-of-stake in September 2022.

Cambridge found Ethereum uses about 33 kilowatt-hours for every US$1 million of market value, ranking second only to BNB Chain (CRYPTO:BNB) among the networks studied.

“Under Proof-of-Stake, electricity is no longer the price of security,” said Cambridge research lead Alexander Neumüller.

Researchers measured 8,522 Ethereum nodes and estimated average power use of about 105 watts per node, with 31% located in the United States.

Cambridge estimated renewable energy supplies 39.4% of Ethereum's electricity, while nuclear provides 17%, leaving fossil fuels at 43.6% of the network's power mix.

The study found Solana (CRYPTO:SOL) used the most electricity in total at about 13.48 GWh a year, while NEAR (CRYPTO:NEAR), Tron (CRYPTO:TRX), TON (CRYPTO:TON), Cardano (CRYPTO:ADA) and BNB Chain consumed less.

Cambridge said Ethereum still uses more electricity than most proof-of-stake networks in total, but its energy use is much lower when measured against its market value.

At the time of reporting, Ethereum price was $1,825.04.