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ETHEREUM

Global Electricity Consumption to Drop 0.2% After Ethereum Merger

Merge, Ethereum’s biggest update ever, has officially gone live, and those in the industry are praising it as a game changer for the entire cryptocurrency industry. Blockchain’s network security and transaction verification have undergone significant improvements due to Ethereum Consolidation.

Ethereum

 Each blockchain had its own network of miners on each continent, using special computers that broke mathematical equations to verify transactions before the blockchains were merged. Referred to as the Proof-of-Work (PoW) consensus, it uses a lot of energy (electricity) and is one of the best-known targets for criticism.

Reduction in Global Electricity Consumption

The Proof-of-Stake (PoS) consensus mechanism has successfully replaced the Proof-of-Work (PoW) consensus technique, and Ethereum Consolidation has greatly increased the viability of the network.

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According to Ethereum co-founder Vitalik Buterin, the merger will result in a 0.2% reduction in electricity use worldwide. It is noteworthy that the US and EU have a burden to restrict Proof-of-Work (PoW) digital assets, and the EU is getting closer to achieving this.

Bitcoin is in a Dangerous Position

The Ethereum upgrade has put Bitcoin in a dangerous position. The market leader is the only cryptocurrency that continues to use PoW.

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Blockchain

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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