Cryptocurrency To Be 99.95% Green – Will The Merge Soon Transform How Ethereum Operates :
The Merge, the newest upgrade to the Ethereum blockchain, has been completed and will result in a 99.95% reduction in energy consumption. As an ecosystem, Ethereum has reached a major milestone. Ethereum users have been waiting a long time for this update to the blockchain’s software, which would significantly reduce the network’s need for power. Proponents of the Merge upgrade argue that it can increase the technology’s adoption and boosts the ether coin price.
The yearly electricity usage of Ethereum was equivalent to that of Chile, and its carbon impact to that of Hong Kong before the Merge. Assuming everything turns out well, Ethereum will switch to a proof-of-stake crypto protocol from its current proof-of-work system, which relies on energy-guzzling machines to verify transactions by solving challenging math problems. The switch to proof-of-stake crypto eliminates the need for computers to compete with one another for mining rewards, making Ethereum a more green cryptocurrency.
A Progressive Measure Towards Less Energy Consumption
Several investors and environmentalists have voiced concern about the high energy consumption of cryptocurrency and blockchain technologies. According to a study by Digiconomist, the current energy cost of one Ethereum transaction is equivalent to the weekly energy cost of a typical US house. Supporters see the energy-efficient update as a game-changer in the battle to become the most advanced blockchain in the world.
No More Energy-Intensive Mining
The Merge allowed staked ETH rather than energy-intensive mining to be used to protect the network. Due to the completion of the upgrade, mining is not required to generate new blocks. In contrast, proof-of-stake crypto validators have taken on the task of determining whether or not a transaction is genuine and whether or not a proposed block should be included. Ether holders should see no noticeable impact from the change. No user intervention is required to access the funds. After The Merge, there is nothing like old ETH or new ETH. All existing Ethereum wallets will continue to function normally.
Is The Ether Coin Price Climbing Up Or Down Now That The Merge Has Begun?
As of Thursday, September 2022, Ether crypto had gained slightly to roughly $1,605, while Bitcoin had risen to over $20,000 due to market volatility. The market currently assumes that the Merge will be a huge success. This presents an opportunity for institutional investors, particularly those with an awareness of ESG issues. These investors will seize the chance to experiment with blockchain technology, tokens, and Ethereum. By the end of 2022, the value of Ether crypto may have risen to above $3,000, bringing it closer to the point of flippening when its market worth overtakes Bitcoin’s. Experts predict that the Merge update will have far-reaching effects on the crypto industry.
