Ethereum’s merger (or “Merge) and its move from Proof-of-Work to Proof-of-Stake, which took place at 8:42 am this Thursday, is considered by many to be a historic moment for the entire crypto market. -currencies and as a driver of the value of digital coins.
The new mining technique will consume 99.9% less energy than the previous one, which will decrease the supply of Ethereum. This upgrade also marks a significant ecological advancement for the cryptocurrency industry.
Additionally, merge is a significant ecological step for the cryptocurrency industry.
“The most commercially significant blockchain upgrade in the digital asset ecosystem is likely the most important in the history of cryptocurrencies since the birth of Bitcoin,” claims Nigel Green, CEO of deVere Group (an independent financial advising business located in the UK) “.
“It converts Ethereum from a Proof-of-Work method to a Proof-of-Stake mechanism, which decreases transaction fees, enables the network to process more transactions in less time, and drastically cuts energy usage (by an astounding 99.9%)
DeVere, a longstanding supporter of alternative fiat currencies, believes that at a time when investor mood toward risky assets isn’t exactly looking well today, this “historic occurrence” will boost cryptocurrency values and draw in more money.
“Although some news has already been predicted, there is no mistake: this event will be a major catalyst that will push prices up in the long term,” said Mr. Green, adding that “the reduction in consumption energy will be the main reason because it will become much more attractive to institutional investors, who bring with them enormous capital, experience and reputation.”
According to the CEO, “institutional investors who have been on the sidelines are likely to come forward,” adding that “the effect of the Merger will reduce supply, reduce costs, will speed up transactions, and will appeal to both individuals and institutions” in addition to having a more favorable effect on the environment. We anticipate the events to offer some support to prices in the larger cryptocurrency market because of the significance of The Merge.
“The combination marks a significant boost for blockchain technology overall as well as Ethereum. The CEO of the British firm summed up by saying, “It is a significant day for cryptocurrencies.