With The Merge, Ethereum hopes to go green by reducing its energy consumption and carbon footprint in the mining process. And it looks like the network is well on its way to achieving its goals, if not more!
Ecological transition: Ethereum goes green
Mining bitcoin (BTC) and ether (ETH) accounts for about 60% of the energy spent in crypto mining. The other crypts share the rest. To validate transactions on the blockchain, the Ethereum network has so far worked with the PoW system. When Ethereum completes The Merge, its transfer to a consensus mechanism Proof of Stake (PoS) will make it an ecological network, which respects the environment. When the fusion is complete, the power-hungry machines needed to the Proof of Work (PoW) to expire.
Ethereum is one of the most advanced blockchain technologies. It has many industrial use cases not to mention its comprehensive smart contract functionality. And then there is its flexibility. Ethereum also has a strong online support network, as well as regular product upgrades and additions. Although crypto has many advantages, ecological reasons may hinder some of them, both individuals and businesses. The Merger will remove this environmental limitation. After the merger, Ethereum will turn green.
Reduce carbon footprint by over 99%
Cryptocurrencies have always been widely criticized for their disproportionate carbon footprint. But The Merge will significantly reduce the energy consumption for Ethereum mining. According to Carl Beekhuizen, one of the researchers from the Ethereum Foundation, the energy consumption of the network would decrease by 99.95% after the merger. It also takes at least a 99% reduction in its carbon footprint. This massive technological change is considered by many to be one of the most significant moments in blockchain history.
Polygon (MATIC) for example recognizes that the upcoming merger will make coin mining much more environmentally stable. The company says: ” The merger is estimated to offset 99.91% of the Polygon network’s carbon emissions, reducing the annual total to just 56.22 tCO2e. » According to the Crypto Carbon Ratings Institute (CCRI), the majority, or 99.92%, of Polygon’s emissions come from the chain’s activities on the Ethereum base layer. Why The Merge will have a positive impact on its ecosystem.
A greener network, but angry miners
Beyond the ecological transition, the Merge should revamp the entire Ethereum ecosystem. The merger would allow for faster and more efficient transactions. While many are eagerly awaiting this big change, others are dreading it. Among the most hesitant, minors are in the foreground. Miners play a vital role in the current PoW scenario. But the PoS imposed by The Merge negates their usefulness. The participation of the Ethereum miners after the transfer is close to zero.
The mining industry has grown along with the crypto market, and has become a livelihood for many individuals. Since the announcement of the merger, many miners have come forward regarding their future. The Merger would be disastrous for them. Although the bear market after already causing huge losses, the elimination of some miners’ main sources of income could further disrupt the market.
There are only a few days left until the Ethereum 2.0 upgrade. Although The Merge has been repeatedly delayed, the change is imminent, much to the concern of the miners. The latter is now expecting ETC. The Ethereum Classic community believes that a significant portion of this computing power will be diverted to ETC.
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