As promised by its co-founder Vitalik Buterin and the non-profit Ethereum Foundation, the Ethereum (ETH) ecosystem is projected to become much more environmentally friendly after the completion of the major software update.
In a tweet published on September 15, the creator of Ethereum emphasized the significance of the Merge update, which signals the network’s move from the Proof-of-Work (PoW) to the Proof-of-Stake (PoS) consensus mechanism.
In his tweet, he explicitly quoted Justin Drake, an Ethereum Foundation researcher who made the allegation during a Livestream of the event.
In addition, the non-profit organization promoting Ethereum and similar technologies announced on the Merge website, which was updated on September 15: The Merge decreased Ethereum’s energy usage by around 99.5%.
After the Merge, the total amount of energy used by Ethereum to safeguard the network is currently around 0.01 TWh per year. According to the organization’s statistics, the platform used around 112 TWh each year prior to the Merge.
Consequently, the entire post-Merge Currently, the Ethereum network uses less energy than games or applications like Netflix (NASDAQ: NFLX) or PayPal (NASDAQ: PYPL). Bitcoin’s PoW mining consumes around 200 TW each year.
Meanwhile, ETH miners who were left with fewer choices after the upgrade, such as abandoning mining and staking ETH instead or transferring to other chains, are now flocking en masse to alternatives such as Ravencoin (RVN), whose hash rate soared following the Merge.
As previously reported by Finbold, several traders unloaded their Ethereum holdings onto exchanges in the days before the Merge, resulting in a significant influx of ETH to these exchanges.
At press time, the decentralized finance (DeFi) coin was trading at $1,593, down 0.02 percent on the day and 2.63 percent over the previous week.
According to statistics from CoinMarketCap, the second-largest cryptocurrency by market capitalization is presently valued at $194.77 billion.
Also Read: Climate Activists Want Bitcoin To Emulate Ethereum’s Green Transformation
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