The Ethereum (ETH) Merge upgrade, which was mainly aimed at moving the blockchain towards a Proof-of-Stake (PoS) consensus mechanism, seems to have had a positive impact on the creation of new Ethereum blocks.
Merge was considered one of the biggest upgrades for Ethereum. Due to the hype, many misconceptions about cheaper gas fees and faster transactions affected the crypto ecosystem, which Cointelegraph refuted. However, some of the obvious improvements experienced by the blockchain after the Merger include a large increase in daily block creation and a significant decrease in the average block validation time.
On September 15th, Ethereum completed the Merge upgrade after successfully transitioning the network to PoS. On the same day, the number of daily created blocks (EBC) increased by about 18%, from about 6,000 blocks to 7,100 blocks per day.
Complementing this development, the average block validation time, the time it takes miners or network validators to verify transactions, on Ethereum has dropped by more than 13%, as shown by data from YCharts.
The above results show the positive impact of the Merge upgrade on the Ethereum blockchain.
Also read: Merge Ethereum upgrade ‘completed flawlessly’ according to Starkware co-founder
After Ethereum’s upgrade, GPU prices in China dropped significantly as the blockchain moved away from an energy-intensive Proof of Work (PoW) consensus mechanism.
As reported by Cointelegraph, the price of the Nvidia GeForce RTX 3080 dropped from $1,118, or 8,000 yuan, to 5,000 yuan in three months, according to a Chinese merchant. The merchant added that nobody (in China) buys new computers, let alone new GPUs.