Ethereum is reducing electricity consumption by 99 percent with “Merge”
Ethereum became the first blockchain to change the way it works in the cryptocurrency market with the Merge update. Switching to the Proof-of-Stake system, Ethereum is reducing electricity consumption by over 99 percent.
The Ethereum Merge update, which the cryptocurrency market has been eagerly waiting for, has been successful. With the update, the first step in the transition from Proof of Work to Proof of Stake system has been completed. Ethereum became the first blockchain to change the working principle with the network transition.
Pointing out that the updates in Ethereum are not finished yet, Beincrypto Research Manager; “Ethereum Merge is also a gateway to upgrades that will enable better scalability. With Merge switching to Ethereum Proof of Stake, electricity consumption decreased by over 99 percent. We can call the update the green revolution of cryptocurrencies, Ethereum is now 2000 times more environmentally friendly, but Ethereum’s path does not end with Merge. Surge, Verge, Purge, Splunge updates will also come.”
- Ethereum Mainnet uses proof-of-stake, but this wasn’t always the case.
- The upgrade from the original proof-of-work mechanism to proof-of-stake was called The Merge.
- The Merge refers to the original Ethereum Mainnet merging with a separate proof-of-stake blockchain called the Beacon Chain, now existing as one chain.
- The Merge reduced Ethereum’s energy consumption by ~99.95%.
The transition to proof-of-stake is a financial revolution
Cryptocurrency Specialists’ assessment of the update was as follows; “Ethereum is the second largest coin by market cap. It was not easy to update such a large volume, such a heavily protected network. With Ethereum’s transition to Proof-of-Stake, Bitcoin, the largest cryptocurrency, has remained in the old system. Since Ethereum is now environmentally friendly, many enterprises may prefer Ethereum over Bitcoin. Considering that the update can trigger the Bitcoin community, we can call Merge a financial revolution.”
Another cryptocurrency Specialist; “This is a very important step in terms of future adoption of cryptocurrencies. Merge was the starting step for Ethereum’s upcoming updates. The real story begins after that. When all the updates are completed, Ethereum will have reached an indispensable position and use in the field of decentralized finance.”
The energy spent on solving puzzles with a high degree of difficulty also ensures the security of cryptocurrencies. The fact that Ethereum will now consume less energy has created a question mark on security. Isler’s comment on the subject is; “Merge is not a security issue. Ethereum is a system where the most thought is given and the codes are constantly checked. When it comes to Ethereum, tens of thousands of experts are working for the better. Therefore, I can say that it is quite safe”.
Crypto expert; “If there is no negative news that will affect the market in the short term, Ethereum can reach the level of 2 thousand 30 – 2 thousand 50. In the long run, I think Ethereum has started its $4,000 journey. “If the Fed follows its roadmap in 2023 and starts cutting interest rates, Ethereum could perform well,” he said.
Another crypto expert; “Although Merge creates excitement, there is depressive pricing. We can say that Ethereum is pulling like a magnet below the critical level of 1680 and towards the level of $ 1420. Above 1680 will be more comfortable and suitable for upward pricing. 1720- 1950 and 2100 levels can be followed on 1680. However, he did not have an appetite for purchasing on the Merge day.”
Works; “I expect the main pricing to begin once all updates are complete. It should not be forgotten that we are in a bear market in the short term. It is not possible for him to make big moves regardless of market conditions. When the market moves again in the next bull season, Ethereum can rise above the $ 5,000 level. ” used expressions.