Top Crypto News Today: Ethereum is Set To Save 0.2% Global Energy Usage After the Merge, Says Vitalik Buterin

An event that has been ongoing since the last 2 years has finally come to an end yesterday at 12:13 pm IST! Yes, The Ethereum Merge; where the whole network transitioned to Proof of Stake Consensus and left behind its initial Proof of Work Consensus. This historic event marks one of the biggest technological developments in crypto history! 

And we finalized!

Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.

— vitalik.eth (@VitalikButerin) September 15, 2022

We soon have the Cardano Vasil Hard Fork coming in! Another significant event to unfold soon!

The new Ethereum Proof of Stake network will negate the usage of enormous power to add blocks to the network blockchain. During the live session from the Ethereum Foundation YouTube channel, the co-founder of Ethereum, Vatalik mentioned that this transition of Ethereum to Proof of Stake will single handedly get rid of 0.2% of global power usage! It is maybe or rather it is the biggest decarbonization effort in history!

CoinDCX Merge Coverage in Detail: Ethereum Merge Update

According to a new report from the Crypto Carbon Ratings Institute or commonly called the CCRI, the Merge will help cut Ethereum’s energy use by 99.988% and carbon-dioxide emissions by 99.992%. The decrease means the network now spews out less carbon dioxide (CO2) than a few hundred U.S. households do during a full year of electricity use.

“The merge will reduce worldwide electricity consumption by 0.2%” – @drakefjustin

— vitalik.eth (@VitalikButerin) September 15, 2022

This long-awaited Merge ruled out crypto miners from mining blocks for the Ethereum network. The Proof of Work consensus required miners to run complex computations before they were able to add blocks onto the ETH blockchain; which consumes a lot of electricity. The new Proof of Stake ecosystem doesn’t require vast server farms and thus is much more energy efficient. 

The amount of energy consumed by PoW, which is a method still used to operate Bitcoin and other blockchains, has come under extreme scrutiny from lawmakers and policymakers around the world.

The Ethereum Foundation, on their live session also mentioned that the staking method has not been incorporated into Ethereum to promote DeFi, but to provide a much more safer and faster ecosystem. 

Source: CoinDesk

ETHEREUM UPDATES TILL DATE

HOW ETHEREUM MERGE MARKS A SIGNIFICANT MILESTONE IN THE CRYPTO WORLD

Ethereum is the second largest blockchain network in the world, by market capitalization and is slated to undergo a massive network upgrade between 10-20 September 2022. As mentioned earlier, this upgrade will completely transition Ethereum from a proof-of-work consensus mechanism to a proof-of-stake consensus mechanism.

Thus, this is one of the most significant developments in the crypto world, probably since the inception of crypto itself. The Ethereum Merge merged the Ethereum Mainnet with the Beacon Chain, making the blockchain greener, more efficient, and much more appealing to investors.