According to the Ethereum Foundation, the new system will consume 99.95% less energy. The update, which alters how transactions take place and how ether tokens are produced, might offer Ethereum a significant advantage in its pursuit of competitor blockchain bitcoin. “We believe this is a historic moment that will cause ETH to outperform the larger crypto market for some time,” said Richard Usher, head of over-the-counter trading at London-based crypto business BCB Group.
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 You will not be able to withdraw your ethereum once you’ve staked it to validate the network for probably six to twelve months – there’s no specified direction from developers on ethereum yet. Cutting energy use by more than 99% will also help to decrease the barrier to entry for institutional investors, who have been wary of contributing to the climate issue. The White House issued a study last week warning that proof-of-work mining operations might stymie efforts to combat climate change. ETH will not become quicker, cheaper, or more scalable as a result of the update.
