The cryptocurrency market has not been doing well recently. Locked in a downward spiral since late April, Ethereum is finally up after the announcement of the planned merger in September.
It is a bit of relief and optimism that comes to blow on the market today cryptocurrencies. After very complicated weeks, Ethereum finally begins to rise significantly again. Recall that the market has recently collapsed. As such, Bitcoin has also experienced a phenomenal drop and some experts even believe it could drop to an incredibly low $ 10,000. On the other hand, the heat wave and global warming more generally continued to disrupt the market by blocking mining operations.
Fears of recessions affecting the global economy also hit Ether. Since the beginning of the new year, it has lost more than 60% of its value. Which is much stronger than the roughly 50% drop suffered by Bitcoin. Fortunately, things now seem to be going well for Ethereum. This just went up and hit $ 1400. A fact that follows the long-awaited merger that could take place in September.
Ethereum rebounds after the expected merger announcement
If Ethereum suddenly shows signs of life after a downward spiral of hell, it is because it is said that the transition from the Proof-of-Work network to the Proof-of-Stake (PoS) network will take place in September. This event, which can also be called a merger and known as The mergerit should take place around September 19th to be exact.
With this merger, according to the estimates of the Ethereum Foundation, the method of creating the new ETH will be much more environmentally friendly than the current model. The latter results in much higher energy consumption. To go into detail, solving cryptographic puzzles, which is the part that consumes the most electricity, will no longer be part of the blockchain mining process. Consequentially, Ethereum is expected to reduce its carbon footprint by 99.65%.
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