Notebookcheck Logo

Ethereum Merge event may land early to cut electricity use 99% as Norway explores ETH-based digital currency

ETH's Merge event may fall on September 15 (image: Ethereum.org)
ETH's Merge event may fall on September 15 (image: Ethereum.org)
The long-awaited shakeup of crypto's electricity bills in the form of Ethereum's so-called Merge event may happen as soon as Thursday instead of on the 'soft' September 19 deadline. The drastic ETH mining power draw reduction may have prompted Norway to look into it as digital currency base.

According to Google's tracking queries, Ethereum's long-awaited Merge event may happen on Thursday, September 15, instead of the "soft" deadline of September 19 or later listed on the cryptocurrency's own website. The Merge is nothing more than moving from the proof-of-work to the proof-of-stake transaction concept that will cut electricity usage by 99.95% and make validations much faster:

After The Merge, the Beacon Chain will be the consensus engine for all network data, including execution layer transactions and account balances. The Merge represents the official switch to using the Beacon Chain as the engine of block production. Mining will no longer be the means of producing valid blocks. Instead, the proof-of-stake validators assume this role and will be responsible for processing the validity of all transactions and proposing blocks.

The Ethereum organization is quick to soothe the worries of ETH owners and miners that no transaction history will be lost in the Merge process and not only will their digital assets be safe, but they also don't need to do anything as the Mainnet will merge with the Beacon Chain seamlessly.

As cryptocurrency regulation efforts by officials like Elizabeth Warren often cite the exorbitant amount of electricity that mining BTC, ETH, and other digital assets entails, the Merge could be the catalyst for a wider mainstream adoption of crypto as payment method.

A case in point is Norway's central bank which recently detailed its efforts to create a national digital currency based on the Ethereum blockchain. Singapore, Switzerland, and Canada, as well as Germany, the US and the Netherlands, emerge as the top countries from where interest in Ethereum's Merge event emanates most often, too.

Get the Ledger Nano S hardware wallet on Amazon

Source(s)

static version load dynamic
Loading Comments
Comment on this article
Please share our article, every link counts!
> Expert Reviews and News on Laptops, Smartphones and Tech Innovations > News > News Archive > Newsarchive 2022 09 > Ethereum Merge event may land early to cut electricity use 99% as Norway explores ETH-based digital currency
Daniel Zlatev, 2022-09-12 (Update: 2022-09-12)