While Ethereum's energy consumption has historically been substantial,
there has been a significant effort into transitioning from an energy-hungry to
an energy-efficient mining process. In fact, on September 15, 2022, Ethereum has
switched from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus – a move
known as the Merge. According to Ethereum’s website, energy consumption will be
reduced by nearly 99.95%, resulting not only to a drastic decrease in carbon
emissions, but also to a safer and more scalable network with faster transactions.