Yes, air stones and air pumps use ~7 times less power to achieve the same dissolved oxygen levels. This is consistent with experiments done by the wastewater treatment industry which switched from surface aeration to bubble aeration decades ago.
Air stones don't seem to work very well in very shallow water (3-4").
This is a very common misconception. There have been a number of studies done to separate the oxygen transfer of a bubble plume into its bubble transfer and surface transfer components. The earliest I'm aware of (from 1992) alternatingly diffused nitrogen gas and air and estimated that 2/3rds of the total oxygen transfer is bubble transfer.
More recent studies done at bench scale (closer in size to aquariums) found it to be even higher (89-97%).
I've heard all my life, including in school for bio and chem, that nothing really happens until the bubbles burst at the surface, but I'll stand corrected here :) Thank you for the info!I’ve never understood why folks discount gas transfer inside bubbles. They do add surface area of transfer, and are also under pressure, forcing more O2 into the water.
