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it's -> its

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Carl Larson 2018-02-08 14:03:14 +00:00
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@ -15,7 +15,7 @@ Reduce the block reward to 1 ETH.
The current public Ethereum network has a hashrate that corresponds to a tremendous level of energy consumption. As this energy consumption has a correlated environmental cost the network participants have an ethical obligation to ensure this cost is not higher than necessary. At this time, the most direct way to reduce this cost is to lower the block reward in order to limit the appeal of ETH mining. Unchecked growth in hashrate is also counterproductive from a security standpoint.
## Motivation
The current public Ethereum network has a hashrate of 224 TH/s). This hashrate corresponds to a **lower bound** for power usage of roughly 793MW, which would correspond to a yearly energy consumption of 6.95TWh (roughly 0.032% of [total](https://en.wikipedia.org/wiki/List_of_countries_by_electricity_consumption) global electricity consumption). [Assuming](http://www.carbonindependent.org/sources_home_energy.html) a rate of carbon emmisions of 0.527 kg/kWh this means at it's present hashrate the network contributes more than **10,000 tons of CO2 per day** ([math](https://docs.google.com/spreadsheets/d/1Q2DvnsUzgy7nQXVAkbNgvxqPfU56cGx4ubx6H8Dg6pw/edit#gid=1934769196)). These numbers assume the [best GPU, perfectly overclocked](http://www.legitreviews.com/geforce-gtx-1070-ethereum-mining-small-tweaks-great-hashrate-low-power_195451), and running on a PC without it's own power draw, so again the true numbers are higher. A future switch to full Proof of Stake will solve this issue entirely. Yet that switch remains enough in the future that action should be taken in the interim to limit excess harmful side affects of the present network.
The current public Ethereum network has a hashrate of 224 TH/s). This hashrate corresponds to a **lower bound** for power usage of roughly 793MW, which would correspond to a yearly energy consumption of 6.95TWh (roughly 0.032% of [total](https://en.wikipedia.org/wiki/List_of_countries_by_electricity_consumption) global electricity consumption). [Assuming](http://www.carbonindependent.org/sources_home_energy.html) a rate of carbon emmisions of 0.527 kg/kWh this means at it's present hashrate the network contributes more than **10,000 tons of CO2 per day** ([math](https://docs.google.com/spreadsheets/d/1Q2DvnsUzgy7nQXVAkbNgvxqPfU56cGx4ubx6H8Dg6pw/edit#gid=1934769196)). These numbers assume the [best GPU, perfectly overclocked](http://www.legitreviews.com/geforce-gtx-1070-ethereum-mining-small-tweaks-great-hashrate-low-power_195451), and running on a PC without its own power draw, so again the true numbers are higher. A future switch to full Proof of Stake will solve this issue entirely. Yet that switch remains enough in the future that action should be taken in the interim to limit excess harmful side affects of the present network.
## Specification
Block reward to be changed to 1 ETH / block.