Global Electricity Consumption Will Drop By 0.2% After Ethereum Merge

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 The Proof-of-Stake (PoS) consensus mechanism has successfully replaced the Proof-of-Work (PoW) consensus technique as the Ethereum Merge goes live, greatly enhancing the network’s sustainability. According to Ethereum co-founder Vitalik Buterin, the merger will result in a 0.2% reduction in worldwide electricity use. He announced it on Twitter. "The merge will reduce worldwide electricity consumption by 0.2%" – @drakefjustin — vitalik.eth (@VitalikButerin) September 15, 2022 It is noteworthy that there has been a load on the US and the EU to restrict Pro...