Ethereum Completes Merge Upgrade

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The upgrade can reduce electricity utilization on the Ethereum blockchain. 

Significant Upgrade to the Ethereum Network 

Senior figures in the cryptocurrency world revealed that one of the significant upgrades in this sector was ended. The overhaul aimed at lowering massive energy consumption. 

For many years, developers had been working on a more energy-efficient version of Ethereum. It is a digital ledger that supports an ecosystem of cryptocurrencies, games, and NFTs. After finalizing the upgrade, Ethereum’s co-creator Vitalik Buterin called it a huge moment for the said ecosystem. 

The upgrade will transform the blockchain. 

Currently, Ethereum is the second largest cryptocurrency with a $200 billion market capitalization. In addition to reducing energy consumption, the upgrade also increases transaction speeds. 

The Merge is a symbol of the difference between the early Ethereum and the Ethereal everyone wants to be. 

The cryptocurrency’s value expanded. It went as high as $1,648 before it fell to $1,611 immediately after the announcement. 

In the past three months, the token had gained about 50% in the lead-up to the Merge upgrade. But the US inflation and other macroeconomic concerns took the steam out of the crypto market prices. 

Nevertheless, it is an interesting time for the upgrade to happen. 

Many crypto investors are bullish on Ethereum. However, the timeline remains to be seen. There are still variables that need to be evaluated in the next few weeks or months. 

The upgrade moves Ethereum from a proof-of-work to a proof-of-stake system. Users validate the PoS transactions according to how much Ether they risked in the network. PoW, on the other hand, involves validation by crypto miners with the use of energy-consuming computer farms. It is also the same method used by Bitcoin, the world’s largest cryptocurrency. 

By shifting to Pos, Ethereum can reduce energy use by 99%. It is beneficial not just to the network but to the entire crypto industry. The industry has come under strict examination because of the global push to decarbonize economies. 

Many industries targeted carbon net zero by 2015. The latest upgrade will significantly make Ether closer to the goal. It may put the most critical concerns to rest. 

However, it is still important not to consider it as the end game. Investors must still watch and see how the hype will affect the market. But the upgrade proves to be leading the way for future upgrades that we will see coming to Ethereum.

Influencing Crypto Investments

The update could influence growth for Ethereum. Investors will see a positive reaction post-merge. It could speed up the processing time. Thus, it offers better stability and greater security. 

If you have invested in it, there’s no need to do anything after the merge. Instead, simply consider it as a software upgrade. It can take time to see things develop. There are also other things to consider, like increasing regulation. They could affect the cryptocurrency and other cryptos during this time. 

Experts recommend strengthening knowledge about crypto and blockchain tech. This is a great moment to educate yourself and learn more.

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Author: Jane Danes

Jane has a lifelong passion for writing. As a blogger, she loves writing breaking technology news and top headlines about gadgets, content marketing and online entrepreneurship and all things about social media. She also has a slight addiction to pizza and coffee.

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