Ethereum Merge reaches finalisation

[Jan]

Ethereum completes Merge upgrade — reduces energy consumption by 99.95%

Crypto’s most important commercial highway, Ethereum, just got repaved.

The blockchain network completed the crypto world’s biggest and most ambitious software upgrade to date, according to its co-founder Vitalik Buterin in a Twitter post Thursday.

[Bloomberg]

 

[Fulcrum29]

As a result, Ethereum’s energy consumption will decline by an estimated 99%.

I don't believe the above. Validators still require computation. It is only that these validators will now be centralised in, mostly, data centres. Yes, energy consumption will be greatly reduced but not by an estimated 99%. I simply can't believe that percentage. To me this sounds like 'good guy' marketing.

In time, ETH will be displaced by Kadena. ETH is very much reliant on layer 2 technologies. The reason it surged was due to NFTs being very desirable, not because dApps.

 

[Randux]

Pamp it

 

[BBC]

Again, where lambo?

 

[Fulcrum29]

Ethereum cryptocurrency completes move to cut CO2 output by 99%

Software upgrade, known as ‘the merge’, will change how transactions are managed on its blockchain

www.theguardian.com

Ethereum, the second largest cryptocurrency, has completed a plan to to reduce its carbon emissions by more than 99%.

...

Ethereum mining used up as much electricity as Austria, according to the Digiconomist website, at 72 terawatt-hours a year. Alex de Vries, the economist behind the website, estimates that the merge will reduce the power demand linked to ethereum by about 99.98%.

De Vries added that the move could represent 0.2% of the world’s electricity consumption disappearing overnight. However, he said bitcoin remained the biggest single contributor to the crypto world’s carbon footprint.

“All eyes will be on bitcoin. It remains the largest polluter in the crypto space. Even today bitcoin is responsible for as much electricity consumption as Sweden. And we know that’s not going to change,” said De Vries.

This consumption demand is an index calculated by the Digiconomist,

Ethereum Energy Consumption Index - Digiconomist

The Ethereum Energy Consumption Index provides the latest estimate of the total energy consumption of the Ethereum network.

digiconomist.net

Also,

https://twitter.com/x/status/1570346620532961284

Good luck with bringing down the consumption having NFTs like that minted. I will view that graph tomorrow. Future-dated and all.

Just to add, I don't know where and how the miners' consumption was calculated, because... eh, not all miners are equal. I would like to know which exact metrics were used? Ethereum's energy consumption can be monitored, but you can't dial that into miners.

Not to ignore that miners have moved on to other cryptos/algos.

 

[Swa]

Ethereum miners are killing ETC. Nobody is making any money now from mining. Can't wait for that big GPU selloff to bring some equilibrium again.

 

[Fulcrum29]

Ethereum miners are killing ETC. Nobody is making any money now from mining. Can't wait for that big GPU selloff to bring some equilibrium again.

I don't know why ETC is being endorsed; its ecosystem sucks. Just shows that most miners don't give a toss about utility. However, in ETC's case, big operations supported the switch-over. For now, all miners can do is spec mine, there will be winners and many losers, eventually. Just look at Callisto, the NetHash increase is now over 1250%, and they have actual and tested utility. Just note, all that Ethash derived NetHash is ASIC. GPU miners have other options like Ergo, Flux, RVN, Neoxa, Kaspa, etc. where they can compete.

The NetHash suddenly disappearing is also but mere speculation. ETH which isn't staked, and its derived liquidity could go to other PoW crypto.