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Ethereum completes its highly-anticipated merge

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Major cryptocurrency Ethereum is cutting its energy consumption by 99.99 per cent

The Ethereum network will drop its megawatt hours from 23 million to to 2,600 per year.

The major cryptocurrency dropped its proof of work concept, which uses extra computing power to validate new transactions.

The energy-intensive process allows miners to validate new blocks on the chain and earn tokens.

But the highly-anticipated merge is expected to cut the crypto’s greenhouse gas emissions altogether.

It means people using the network will not need expensive and complex mining computers to use Ethereum.

“The successful Ethereum merge is an audacious feat of technical innovation,” said Caroline Bowler, who is the Chief Executive at BTC Markets.

“This event can indicate to investors the technical capabilities and brain power behind the Ethereum network.”

CAROLINE BOWLER, CHIEF EXECUTIVE AT BTC

The merge has been years in the making but executives believe there are more technical changes ahead.

Ethereum’s co-founder, Vitalik Buterin is reportedly seeking to make the network more resistant to quantum attacks.

“Vitalik Buterin was clear, this is another step forward for the network, but not the final destination,” Ms Bowler said.

Meanwhile, the Chief Executive from the deVere Group, Nigel Green said the merge is a major overhaul for the entire sector.

“This is far-reaching overhaul of the most commercially important blockchain in the digital asset ecosystem is probably the most important, landmark event in crypto history, since the launch of Bitcoin,” he said.

Following the merge, the price surged before quickly falling. It is currently sitting at USD1,478.98.

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

Business

This move is set to boost Australia’s crypto gains

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Coinbase is coming down under, in a major boost for the country’s crypto gains

The crypto platform is calling the country “a priority market”.

It will add its local payments platform so Australians can transfer dollars into their Coinbase account.

There will also be advanced trading tools and better pricing.

Users will also receive 24 hour support, where they can ask all about their accounts and concerns.

The exchange is registered with a local regulator to provide its digital currency exchange services.

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Business

Europe cracks down on crypto tax

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In a major development, the European Parliament has voted in favour of a coordinated and fair tax system for crypto-currencies

Around 80 per cent of lawmakers voted to start using blockchain tech to create a more robust way of stopping tax evasion

Only seven voted against the resolution, with 47 absent for the vote.

Europe has had crypto reform high on its agenda.

Lawmakers want crypto-users to be subjected to a fair and transparent taxing system.

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Business

Government-backed crypto could threaten the U.S. economy, report finds

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Government-backed cryptocurrencies could threaten the U.S. economy, that’s according to a new report

The Treasury Department believe that prices crypto are set by market speculation and don’t have much economic reality.

It’s found crypto-asset firms intersect with entities that have risky business profiles.

Treasury believes this is a concern for the U-S financial system.

Of course, Bitcoin is just one digital coin to swing and los much of its value since the start of this year.

But advocates think these stable-coins could be less volatile than traditional currencies.

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