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The long-awaited Merge upgrade of the Ethereum Network was successfully completed in the early hours of Thursday, September 15, 2022. This timing was in line with previous predictions by his Ethereum developer according to the Ethereum hashrate.
The Merge upgrade creates a more energy efficient blockchain network as Ethereum moved from a Proof of Work (PoW) blockchain network to a Proof of Stake (PoS) network. However, the price of Ether (ETH) plummeted after the merger and early Friday saw him trading at $1,474.20, down about 7.93% from Thursday’s price level.
Nonetheless, analysts expect prices to surge in the coming days as investors unleash hedges they bought in anticipation of problems with the rollout. So far, no problems have been reported with Merge. Something that is likely to inspire confidence among investors and push prices higher.
According to Jon Charbonneau, a researcher at crypto research firm Delphi Digital, Merge is the biggest event in crypto since the creation of Bitcoin and Ethereum. attention will be drawn to.”
To help investors and traders buy Ethereum tokens post-merger, Coinjournal has prepared this brief guide on the best places to buy Ethereum.
For more information, read on.
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Ethereum is the second blockchain network developed after Bitcoin, the first blockchain developed. Its native token/cryptocurrency Ether (ETH) is his second largest cryptocurrency by market cap.
Bitcoin and Ethereum were originally designed to use the PoW consensus mechanism when confirming transactions within the network.
However, the PoW mechanism has been proven to consume a large amount of energy, which has a negative impact on the environment. Ethereum is embarking on a transition to his PoS mechanism which is less involved, less energy intensive and more efficient than PoW.
Ethereum successfully completed its transition to a PoS system via a Merge Upgrade on Thursday, September 15th.
Following the Ethereum merger, a new advertising campaign is underway targeting Bitcoin’s energy use through the Proof of Work (PoW) consensus mechanism.
Suppose you want to invest in a popular cryptocurrency that is expected to rise significantly over the next few days. In that case, ETH may be a good choice, especially after a successful Merge upgrade.
However, the cryptocurrency market is highly volatile and should be invested with caution.
Despite the price drop after the merge, analysts expect Ethereum prices to fall below $2,000 in the next few days as investors unwind their hedging positions as the hiccup recorded after the merge upgrade is currently unrecorded. We anticipate that it may be exceeded.
This merger will reduce global electricity consumption by 0.2% @drakefjustin
vitalik.eth (@VitalikButerin) September 15, 2022
