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You are here: Home / Archives for Merge

Merge

Here’s Why Ethereum Has Been Stirring Chaos Since Merge

December 9, 2022 by Aishwarya shashikumar

The Ethereum [ETH] network was widely covered in the media just before the FTX fiasco. This was due to a substantial update that was planned for the second-largest cryptocurrency. The entire ecosystem saw a significant shift as the Ethereum network transitioned into the proof-of-stake [PoS] sphere. Here is how the Merge affected the ETH network three months had gone since this upgrade.

The Ethereum network’s whales and sharks were on an accumulating binge, according to statistics compiled by Santiment. It was shown that huge ETH addresses have seen an increase in the total supply almost a month earlier. Since November 7, addresses involving between 10,000 and 1,000,000 ETH have increased the overall supply from 1.36 percent to 2.09 percent.

Santiment continued by praising this increase as a bullish hypothesis for the asset. Similar to this, the long-term addresses’ average return indicated bullishness. The 365-day trading returns are currently at -30%, although it should be noted that these holders were still experiencing “huge amounts of anguish.” The network is regarded as stable as long as this is more than -25 percent.

Source

It should be highlighted that some Ethereum holders have continued to lose 50% of their investment since ETH reached the $5,000 threshold. The Santiment wrote further on mid-term traders and ETH movement,

“mid-term traders could still see prices moving either way. Late November is where prices bottomed out, and the asset is actually +17% since November 22nd. To many, it certainly doesn’t feel this way, however. Because of the long-term upside indicated by MVRV, this metric points to bullishness.”

Ethereum’s Social Strength Plunges

The image below shows how Ethereum’s social standing has been deteriorating. But this wasn’t just restricted to ETH. Comparative to November 2021, the enthusiasm for the asset’s rivals was also waning.

This wasn’t actually a negative thing, Santiment said. The paper called out the “tourists” of the sector, stating that “since it’s a natural progression of weak hands dropping out of crypto in general.”

Sadly, though, Ethereum received less attention than other well-known assets. Since late October, interest in ETH has actually been at its lowest level since December 2020 when compared to the top 100 crypto assets.

The lack of interest since the merger, according to Santiment, “is indicative that whales could push up prices with little resistance,” which was still another positive omen.

Even if the majority of indications were positive, the network’s actual profit and loss showed otherwise. It was highlighted that the three-week spike in Ethereum’s price resulted in more short-term profit-taking than short-term losses. This was also related to the rise in realized profits from the previous day. The fact that it was the largest daily gain in more than three months should be emphasized.

Santiment emphasized the likelihood of history repeating itself once more. Previously, ETH’s price fell by 19 percent over the course of four days during the previous significant realized profit increase following the Merge. As a result, this can be a bearish signal.

However, ETH was priced at $1,287.52 with a hike of 0.29% over the last 24 Hours.

Filed Under: News, Altcoin News, World Tagged With: altcoin, Ethereum (ETH), Merge

What Does The Ethereum Merge Mean For YOU?

November 23, 2022 by Akash Anand

The 15th of September saw a long-awaited update hit the crypto world: The Ethereum merge. The merge that saw the original blockchain powerhouse successfully transition from the proof of work (PoW) to the proof of stake (PoS) consensus algorithm.

The merge formed one of the biggest out of a wide series of updates that Ethereum has in store for between now and 2024 to secure its position as the blockchain of the future. More scalable, more environmentally friendly, and affordable in mainstream transactions. 

Any major update, such as The Merge, naturally brings new and exciting opportunities and a lot of questions. Today, we’ll delve into what The Merge means for Ethereum, cryptocurrency as a whole and, most importantly, what it means for you!

By the end of this article, you’ll have a working knowledge of the difference between proof of work and proof of stake consensus mechanisms and what the latter can bring to the crypto industry. Plus, if you’re interested in investing in crypto for the future, we’ll also reveal some tips and tricks to do so safely and securely.

It Has The Ability To Make Ethereum Energy Efficient

Firstly, the first major change that The Merge has brought to the world’s biggest blockchain is the ability for Ethereum to become more energy efficient. Before the implementation of The Merge, Ethereum’s energy consumption was enormous and was a huge drawback to its scalability and potential for mainstream adoption.

The reason behind this enormous energy consumption was due to the previous algorithm Ethereum used (proof of work). PoW saw the people mining Ether in competition with each other as they raced to add new blocks to the Ethereum blockchain and mint new ETH currency. The success rate of each miner was proportional to how much computing power they could muster. Put simply, the more computing power a miner had, the more Ethereum they could mine. 

Worldwide, countless powerful computing systems were working overtime to mine Ether and required enormous amounts of power to maintain. But, naturally, this was massively energy inefficient. At the height of the cryptocurrency bull runs in 2020 and 2021, Ethereum’s energy consumption was similar to that of a medium-sized country like Uzbekistan. In contrast, its energy consumption was almost the same as that of Azerbaijan.

However, following the successful rollout of The Merge, Ethereum will see its overall energy, consumption plummet by over 99%. Overall, it’s expected that the latest update to Ethereum will see more than 110 TWh (110 billion kilowatt-hours) saved each year.

This is because The Merge successfully replaced the proof of work algorithm with the alternative proof of stake algorithm. In contrast to proof of work, proof of stake replaces energy-consuming miners with people called validators. Their role is to verify transactions that take place across the Ethereum blockchain and accurately record them on a new block. This consensus system needs far fewer people to operate successfully when compared to proof of work. As a result, it is enormously energy efficient in comparison and undoubtedly an inspiration for many other cryptocurrency projects, thus providing a positive outlook for the future of the energy-efficient crypto industry overall.

The Foundations Are Set For Web 3.0

When it first hit the scene in 2015, Ethereum had bold ambitions to be a blockchain project that could provide a range of functionality and better potential for scalability than the likes of block-limited projects like Bitcoin ever could.

With that mission in mind, Ethereum has gone on to achieve great things and has performed much better than even its biggest fans could ever have predicted. One of the major areas Ethereum has excelled in is that of Web 3.0, thanks to its ability to process financial transactions, host and store non-fungible tokens (NFTs), and host smart contracts.

Thanks to the numerous benefits of The Merge being implemented, the enormous flow of data across the Ethereum blockchain has been streamlined massively. For example, under the old consensus method, Ethereum could handle around 15 transactions per second. But after The Merge, Ethereum is now eyeing having the ability to handle around 100,000 transactions per second. 

Impressive, right? Well, it’s even more impressive when you realize that 100k transactions a second is significantly more than some of the world’s biggest centralized payment providers like Mastercard and Visa can ever dream of being able to handle.

It’s worth noting that Ethereum’s ability to process 100,000 transactions a second hasn’t hit the scene. However, it’s expected to be achieved after Ethereum’s next major update, ‘ The Surge’.

Increased Savings For Validators Will Cause Their Numbers To Surge

For the new proof of stake algorithm to work successfully, Ethereum needs to attract validators as it did with miners. Thankfully, the Ethereum development team have created quite the incentive to not only attract validators but to keep them actively working on the Ethereum blockchain, too.

One of the main reasons is the major reduction in energy consumption The Merge will achieve by replacing the mining system with a system of transaction verification instead. This means that, under the proof of stake system, the Ethereum blockchain has achieved a significant level of cost-effectiveness for people possessing ETH and who wish to provide validation services to the Ethereum blockchain. Let us explain.

The new Proof of stake (PoS) consensus algorithm needs those who hold ETH to lock up a specific amount of their crypto on the network to participate in the transaction verification process and become a validator.

When a person holding Ethereum has staked the required amount, a random algorithm selects them to add new blocks to the blockchain individually. This means that, instead of vast amounts of computing power, validators only need to hold a certain amount of Ether to stake and take part. Currently, the minimum stake required to become a validator is 32 ETH. However, there is also the more affordable and accessible option of joining a staking pool, too.

Overall, this will see validators granted the opportunity to make enormous savings whilst still having the ability to acquire Ether. By removing mining from the equation, validators will be alleviated of the enormous cost of high-powered computing systems and the costly energy consumption required. They will then be able to assign more of their finances and resources to purchase more ETH to stake.

And if you think it can’t get any better than that? It can! As an additional incentive to get validators on board and keep them there, It’s expected that ETH rewards for validators will rise by more than 9%.

It Will Lead To More Demand for Decentralized Apps (DApps)

Since Ethereum hit the crypto industry, it has been a solid foundation of some of the world’s biggest decentralized applications, often referred to as DApps. Following the successful implementation of The Merge, Ethereum’s extensive portfolio of decentralized apps it hosts is expected to grow even more.

For example, 2022 has seen a surge in popularity surrounding the likes of non-fungible tokens and Play to Earn (P2E) games. With Ethereum now offering a high-speed and efficient consensus algorithm, developers can now build faster and more flawlessly than ever before. Naturally, this will see Ethereum’s usebase grow in sync, bringing with it increased value and functionality.

The Chance For Ethereum To Take Advantage of Pro-Green Capital

Those rightfully passionate about the preservation of the environment have naturally been largely anti-cryptocurrency overall. After all, who can blame them? Prior to The Merge, major blockchains and cryptocurrencies like Ethereum were massively energy inefficient due to the electricity-hungry process of mining. However, things are about to change.

With The Merge causing Ethereum’s energy consumption to plummet due to the expensive and energy-consuming process of mining no longer being needed, it can become environmentally friendly and subsequently tap into a powerful source of new capital in the form of pro-environment investors who have previously acknowledged the numerous phenomenal benefits of blockchain technology. Still, they couldn’t bring themselves to invest due to the environmental impact it was causing. Now, Ethereum can provide a safe, environmentally friendly way to invest in the blockchain, as it should be!

In turn, a more environmentally-friendly Ethereum blockchain will undoubtedly be able to attract more green-friendly funding initiations and bring a huge source of new capital to the already-powerful blockchain network,

Overall, this energy-efficient and pro-environment approach adopted by Ethereum is great news for the crypto industry because new and existing digital currencies hosted on the Ethereum blockchain will naturally shift to a pro-environment approach.

The Merge Is Promising, But How Do YOU Get On Board for The Future?

If this insanely promising news for Ethereum and the crypto industry as a whole has got you excited and you wish to invest in Ethereum, hold your horses! If you’re new to this, it’s important to do it correctly.

The price of Ethereum could skyrocket in the wake of the coming updates, but the cryptocurrency market is volatile by nature. So before you invest, do your research and be sure you know what you’re getting into it. Ideally, speak to a financial advisor about the risks involved beforehand.

Then, if you’re keen to move forward, make sure you don’t fall into the trap of the numerous dodgy platforms out there. Instead, use a popular and highly-recommended app or platform like Bitcoin-loophole.io.

What Does The Future Hold For The Merge And Ethereum?

To sum up, The Merge has replaced the energy-hungry proof of work consensus for the environmentally and financially-friendly method of proof of stake and brought a wave of promising benefits to the Ethereum blockchain that can see it surge into the future at full-speed. 

However, The Merge is merely the second out of a five-stage plan for Ethereum to transform itself into an affordable, scalable, and overwhelmingly powerful network for the decentralized world.

The next stage of Ethereum’s plan is called the Surge and is expected to bring enormous scalability to the original blockchain network. The Surge will introduce blockchain sharding that will secure Ethereum with the ability to operate at exceptionally fast speeds and potentially become a rival to the world’s biggest payment processors like Visa and Mastercard.

Stage four is called The Verge which plans to utilise a revolutionary technology known as “Verkle trees” to truly optimise the enormous level of data storage on the Ethereum blockchain.

And then there is The Purge. Not to be confused with the popular horror movie franchise of the same name, there’s nothing scary about this! The Purge will remove old data and technical debt from the Ethereum blockchain and free-up vital hard drive space in order for validators to operate more freely and efficiently. 

And last but not least is The Splurge. The fifth and final update will see the final wave of optimization brought to the Ethereum blockchain and secure the original blockchain network as the fastest, most efficient and most scalable one around. 

In summary, the future is bright and it’s looking like Ethereum!

Filed Under: Press Release, Blockchain Tagged With: Blockchain, energy, Ethereum, Merge

Largest Ethereum Mining Firm To Cease Operations As Merge Goes Live

September 15, 2022 by Goku

Ethereum’s transition to merge has been completed. Since the blockchain has finished its historic technological update, Ethermine, the largest Ethereum mining service provider by computer power, has shut down its servers for miners.

The announcement was made previously with the widely anticipated “Merge” software update for Ethereum, which will switch the most popular blockchain from a proof-of-work to a proof-of-stake consensus mechanism.

This implies that currently, ETH miners will no longer be able to mine Ether on the ETH network because investors who hold Ether will take the position of the powerful graphic cards that were previously needed to verify transaction data. These validators will go forward securely validating network data and securing the Ethereum blockchain.

“As a consequence of this transition, the Ethermine ETH mining pool will switch to withdraw-only mode once the Proof-of-Work mining phase has ended. At that point, “all Ethermine stratum servers will be shut down, and you will no longer be able to connect your miner to the Ethermine ETH pool.”

Ethermine tweeted on Wednsday

The much-awaited Ethereum merge is live

Since the Merge, the network has shifted over to proof-of-stake (PoS). On September 15 at 06:42:42 UTC at block 15537393, the Beacon Chain’s consensus layer and the ETH Mainnet’s execution layer were combined, bringing about the long-awaited Merge. The network will no longer depend on a proof-of-work consensus algorithm as a result.

The Ethereum Foundation claims that The Merge will boost the energy efficiency of the Ethereum network by around 99.95% and open the door for future scaling alternatives like sharding.

The Merge will fundamentally alter how businesses see ETH, even if it may not have an impact on the majority of current commercial use cases.

In addition to actual energy savings, the transition to proof-of-stake increases ETH’s security and lays the way for potential future advancements.

Filed Under: Industry, Altcoin News, News Tagged With: ETH, ethereum mining, ethermine, Merge

Ethereum Bellatrix Upgrade’s Missed Block Rate Is Nothing Major to Worry About

September 7, 2022 by Goku

On Sept. 6, the Bellatrix upgrade that was gearing up Ethereum for the Merge was finally completed; however, concerns were raised about a missed block rate of almost one in ten over the previous 600 slots.

Prior to the upcoming Merge, which is scheduled for sometime next week, the Bellatrix upgrade on the Beacon Chain upgraded Ethereum consensus layer clients at epoch 144896.

Martin Köppelmann, a co-founder of Gnosis, claims that 5% of the validators went offline during the hard fork, which elevated the 9% missed block rate.

Missed block rate in the last 600 slots: >9%
Historically this rate has been around ~0.5%. It shows that Bellatrix caused some issues for some validators. Nothing dramatic but still a number to keep an eye on.

— Martin Köppelmann 🇺🇦 (@koeppelmann) September 6, 2022

Many doubted Ethereum network’s readiness as a result of the hiccup

Some observers began to doubt the network’s readiness for the significant transition to proof of stake as a result. The 9% figure, according to Köppelmann, was 1700% higher than the 0.5% historical missed block rate. The 25.6% of clients listed by Ethernodes as “not ready” for The Merge may be connected to the problem.

Adam Cochran, a partner at Cinneamhain Ventures, expressed his hope that the “big spike” in missed blocks would be fixed prior to the actual Merge, saying, “We really don’t want to be seeing unexpected issues at this late stage.”

However, not everyone is worried. Only 5% of validators leaving the network was, in fact, “an amazing result,” according to Daily Gwei founder Anthony Sassano, who also confidently asserted that “there’s not really much that can go disastrously wrong” with the Merge.

One of the final steps before the Merge is the Bellatrix upgrade, which facilitates Ethereum consensus layer clients to conduct transactions on the Beacon Chain.

The Ethereum Merge will change the network’s consensus mechanism to proof-of-stake, which is expected to increase the network’s efficiency and security. It will also replace ETH miners and the energy-centric mining process with stakers who will be validating the transactions.

Filed Under: News, Altcoin News Tagged With: Bellatrix upgrade, Ethereum, Merge

OpenSea Is Extending Support to the Merge With Proof-of-Stake NFT Support

September 1, 2022 by Goku

Once the Merge is complete, OpenSea, the biggest NFT marketplace, intends to offer NFTs built on the proof-of-stake variant of the Ethereum blockchain.

According to The Block statistics, almost $31 billion in Ethereum-linked NFTs have been exchanged on the platform so far. The entire amount is composed of trading in NFTs supported by the current proof-of-work (PoW) Ethereum version, which surpasses the volume of trade for NFTs tied to other blockchains.

“First, and most importantly, we are committed to solely supporting NFTs on the upgraded PoS [proof-of-stake] chain.”

OpenSea wrote in a Twitter thread

1/ The Merge is coming! Here’s what we’re doing to prepare…

— OpenSea (@opensea) August 31, 2022

OpenSea doesn’t speculate on any potential forks

OpenSea wrote in the tweet that it won’t speculate on any potential forks post-merge on ETHPoW and won’t be supported on the platform.

“Beyond our commitment to supporting the upgraded PoS chain, we’ve been preparing the OpenSea product to ensure a smooth transition.”

This month, as part of The Merge, which marks the culmination of Ethereum’s shift from proof-of-work to proof-of-stake, the so-called Beacon Chain and its validators will form the core of the blockchain network.

The move will have an impact on many different crypto enterprises, and they have been putting a lot of effort into preparing. There won’t be just one phase in the Merge process.

There won’t be just one phase in the Merge process. The Bellatrix network upgrade and the Paris upgrade are two separate steps that will be completed. The last update before the integration will be the Bellatrix upgrade.

The Ropsten, Sepolia, and Goerli are just a few of the public testnets that the Ethereum testnet has traversed. The Bellatrix is described as a network improvement by the Ethereum Foundation. Additionally, Bellatrix is the final update before the merging is finished with the Paris upgrade.

The Merge is anticipated to be completed by September 20 and the implications on the ecosystem can only be analyzed post Merge.

Filed Under: Industry, News Tagged With: Merge, OpenSea, Proof of Stake

Post-Merge Coinbase To Strictly Review Any Potential Ethereum Forks

August 28, 2022 by Goku

Coinbase has revised its material on Ethereum’s move to proof-of-stake to cover potential forks.

Coinbase said in a Thursday revision to an Aug. 16 blog post that any possible forks in the Ethereum blockchain would be evaluated “case by case.”

The crypto exchange earlier stated that it would ‘briefly stop’ Ether (ETH) and ERC-20 token deposits and withdrawals during the Merge, which is scheduled to take place between September 10 and September 20.

“Should an ETH PoW fork arise following The Merge, this asset will be reviewed with the same rigor as any other asset that is listed on our exchange,” said Coinbase.

Exchanges and crypto businesses dealing in ETH have issued notifications advising clients of any necessary preparations for the Merge from proof-of-work to proof-of-stake.

Binance also stated on Thursday that it may offer support for new coins formed by a future hard fork, but that it cannot “ensure any listings” in the absence of a review mechanism.

Many people anticipate that the blockchain’s energy consumption will plummet, scalability will enhance, and the network will be less sensitive to attacks.

It’s uncertain how crypto customers will react to a forked PoW token published on Coinbase or any other crypto market. The platform created an ERC-20 token, cbETH, on Wednesday, allowing consumers to utilize staked ETH while receiving rewards.

Coinbase gearing up for the Ethereum merge

According to the Ethereum Foundation, the Merge will take place in two stages. The first phase is the Bellatrix network update, which is scheduled for September 6 at 11:34 AM.

The Paris upgrade will approach the network upgrade after completing the change from proof-of-work to proof-of-stake at the execution layer. Paris will take place on September 10 and September 20, 2022.

Because the merger would replace mining with staking, the miners will basically lose their jobs. Mining is, indeed, an energy-intensive operation that consumes a significant quantity of power and energy. PoS intends to minimize energy consumption by more than 99%.

Filed Under: Altcoin News, News Tagged With: Coinbase, Ethereum, Merge

With Ethereum Merge Nearing Ether Derivatives Trading Rise by Hedge Funds

August 1, 2022 by Goku

The demand for Ethereum-based futures is rising as major traders bet more and more on the cryptocurrency’s impending switch from proof-of-work to proof-of-stake.

Ether options’ total open interest surged from $2.74 billion on July 2 to more than $7 billion on July 29 across the biggest exchanges. It is presently $5.9 billion. The total value of all active contracts that have not yet been settled is known as open interest.

In the meanwhile, the total open interest in ether futures increased to $7.58 billion on July 30 from $4.71 billion on July 2.

Ethereum merge anticipation spikes all activities

The increase in activity is related to macro hedge funds positioning themselves in front of the alleged Ethereum “merge,” according to Joshua Lim, head of derivatives at Genesis Global Trading. 

In advance of the merge, the price of Ether has increased, jumping 59 percent in the past month. Ether is the native cryptocurrency of Ethereum. In September, the merge is anticipated to take place.

“A more recent phenomenon has been the popularity of low-premium options structures in ETH from macro-discretionary hedge funds positioning for the merge.”. “A common structure might be a call butterfly that pays off if ETH/USD finishes in December 2022 around $3000 spot price.

Joshua Lim

These tactics affect volumes and open interest since they are more complicated and call for traders to trade more derivatives. For instance, a so-called call butterfly consists of two short call options and twice as many long call options.

In fact, the total open interest throughout the markets for ether options is higher than the total open interest of the markets for bitcoin options, which now stands at $5.1 billion.

Given the more buoyant bitcoin derivatives market, which has witnessed a spike in the ratio of spot trading volumes to futures volumes, the activity in the ether derivatives market is noteworthy. That suggests that trade in bitcoin has shifted from futures to trading in the fundamental asset.

Filed Under: News, Altcoin News Tagged With: Ether, Ethereum, Merge

Ethereum Moves One Step Closer to the Merge as Its Shadow Fork 10 Goes Live

July 28, 2022 by Goku

Ethereum mainnet shadow fork 10 is now officially live. Another little but significant step has been made by Ethereum toward the merge, the blockchain’s much-discussed and frequently postponed switch to proof of stake.

The 10th shadow fork of Ethereum, which was supposed to go live the day before yesterday, went online earlier, more than 26 hours ahead of time.

Shadow forks are a targeted test run of the merge’s components; they simulate making one or two particular modifications to the blockchain that will take place in the future.

Ethereum shadow forks are different from hard forks

This is separate from complete testnet hard forks, like the Sepolia testnet that happened earlier this month. The merge, which turns the entire Ethereum mainnet into a test environment network, has been extensively tested on testnets.

The shadow split this week acted as a practice run for the releases scheduled for August 11 on Ethereum’s last testnet, Goerli.

This test will be the third and last of its kind needed before the merge is prepared to go into effect.

Over the past two years, there have been various changes made to the merge’s schedule. However, Ethereum core developers stated earlier this month that they planned to release the merge on September 19.

Developers are confident that this timeline will (more or less) stay as there is only one significant event left before then, the Goerli testnet.

ETH network which powers around 64% of all decentralized finance (DeFi) activity, will go from a proof-of-work methodology to a proof-of-stake model as a result of the merger.

At the moment, new ETH is produced through a resource-intensive process in which so-called “miners” devote enormous amounts of computational power to resolving challenging riddles in the hopes of earning blocks of new ETH.

The proof-of-stake architecture will make the ETH network 99 percent more environmentally friendly.

Filed Under: News, Altcoin News Tagged With: Ethereum, Merge, Shadow Fork

Ethereum Launches Shadow Fork 9; Moving a Step Ahead to the Final Merge

July 15, 2022 by Goku

One of the final tests necessary for Ethereum to pass before the Merge was the blockchain’s much anticipated and frequently delayed switch to proof of stake.

The ninth shadow fork of the blockchain went live this morning, 15 hours early. Today’s shadow forks simulate one or two specific modifications that will be made during the Merge. Shadow forks are distinct from complete testnet hard forks, like the Sepolia testnet that occurred last week and switched the whole Ethereum mainnet to a test network.

The current Ethereum shadow fork focused on MEV

The so-called MEV boost functionality of Ethereum was tested during today’s shadow split. The mechanism through which those who produce fresh ETH may make more money by exploiting their power over the network and giving particular users’ transactions priority is known as MEV, or “maximum extractable value.”

After the Merge, ETH will be generated by “validating,” or promising significant amounts of pre-existing ETH, as opposed to currently being formed by “mining” for it with specialized technology.

A mechanism designed to promote competition among validators, raise overall validating profits, and reduce the risk of validators gaining undue control over the timing or order of user transactions is the MEV boost feature, which enables validators to offer space within blocks they create to other validators.

According to estimates from the Ethereum Foundation, the proof-of-stake method of generating new ETH will be 99 percent more environmentally friendly than the present, energy-intensive proof-of-work model, but it will also result in lower profits for the individuals involved.

The Merge’s switch to proof of stake is expected to leave thousands of Ethereum miners stranded since they won’t be able to match the post-Merge business model for mining Ethereum and will be stuck with the bill for tremendously expensive mining equipment.

Filed Under: News, Altcoin News Tagged With: Ethereum, Merge, Shadow Fork

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