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Gungun Bhatia
Sep 15, 2022
by Gungun Bhatia

Global Electricity Consumption Will Drop By 0.2% After Ethereum Merge

Ethereum Merge

Table of contents

  1. Reduction In Global Electricity Consumption
  2. Bitcoin In A Dangerous Position
The Merge, the biggest-ever update of Ethereum, officially went into effect, and industry insiders are praising it as a game changer for the whole cryptocurrency sector. The so-called merger, which seeks to lower Bitcoin energy usage by more than 99%, appears to be a success. The blockchain's network security and transaction validation have undergone substantial improvements due to the Ethereum Merge.

The process through which cryptocurrencies like Bitcoin and Ethereum generate new coins is regularly criticized. Each blockchain had its network of miners using specialized computers on every continent, crushing mathematical equations to validate 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 most well-known targets for criticism.

Reduction In Global Electricity Consumption

It is noteworthy that there has been a load on the US and the EU to restrict Proof-of-Work (PoW) digital assets, with the EU coming close to accomplishing this in March. Significantly, those who oppose digital money, like environmentalists and politicians, regularly compare the energy use of Bitcoin and Ethereum to that of small countries.

Bitcoin In A Dangerous Position

The Ethereum upgrade has put Bitcoin in a dangerous position. The market leader is the only cryptocurrency asset that continues to use PoW. There could be increased political pressure on Bitcoin to adapt if Ethereum and other cryptocurrencies successfully integrate, or else it would be subject to highly limiting legislative restrictions.

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Ethereum Merge Global Electricity Consumption
Global Electricity Consumption Will Drop By 0.2% After Ethereum Merge
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.