The cryptocurrency market has not been doing well recently. Locked in a negative spiral since the end of April, Ethereum is finally on the rise again following the announcement of its expected merger in September.
It’s a little bit of relief and optimism that comes to blow on the market today cryptocurrencies. After very complicated weeks, Ethereum finally starts to rise again significantly. As a reminder, the market had recently collapsed. As such, Bitcoin has also experienced a phenomenal drop and some experts even believe that it could fall to an incredibly low level of $10,000. On the other hand, the heat wave and more generally global warming continued to disrupt the market by putting mining operations on hold.
Fears of recessions that have hit the global economy have also hit Ether. Since the beginning of the new year, it has lost more than 60% of its value. Which is much stronger than the roughly 50% drop that Bitcoin suffered. Fortunately, things now seem to be looking up for Ethereum. This one has even just gone up and reached 1400 dollars. A fact that follows the long-awaited merger that could take place in September.
Ethereum Rebounds Following Long-Awaited Merger Announcement
If Ethereum suddenly shows signs of life after an infernal downward spiral, then it is because the rumor that the transition from the Proof-of-Work network to the Proof-of-Stake (PoS) network will take place in September. This event, which can also be called fusion and known as The Mergeshould take place around September 19 to be precise.
With this merger, according to the estimates of the Ethereum Foundation, the method of creating new ETH will be much more environmentally friendly than the current model. The latter resulting in much higher energy consumption. To go into detail, the solving of cryptographic puzzles, which is the part that consumes the most electricity, will no longer be part of the blockchain mining process. Consequently, Ethereum is expected to reduce its carbon footprint by 99.65%.
Read also: Bitcoin, despite the crash, energy consumption remains considerable
Source: cnet.com