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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.

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A British digital currency “later this decade”

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The Bank of England and Britain’s finance ministry think the UK is likely to need to create a central bank digital currency later this decade.

“On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future,” the Telegraph quoted BoE Governor Andrew Bailey and finance minister Jeremy Hunt as saying in the joint report.

“It is too early to commit to build the infrastructure for one, but we are convinced that further preparatory work is justified,” the Telegraph quoted the report saying.

The BoE declined to comment on the Telegraph article, but said a joint consultation on CBDC issues would be published shortly.

A government source said the report would be published next week.

BoE Deputy Governor Jon Cunliffe is due to give a speech on Tuesday to update the finance industry on the BoE’s CBDC work.

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Crypto

Sam Bankman-Fried attempting to resolve bail conditions dispute

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Sam Bankman-Fried is in talks with U.S. prosecutors to resolve a dispute over his bail conditions

The 30-year-old former billionaire has been blocked from contacting employees of FTX or his Alameda Research hedge fund, after prosecutors raised concerns he may tamper with witnesses.

Bankman-Fried has pleaded not guilty and is under house arrest at his parents’ California home.

Once worth an estimated $26 billion, Bankman-Fried was arrested in December after FTX collapsed.

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Crypto

Crypto heists in 2022 totalled $3.8 billion

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Last year was the worst on record for cryptocurrency heists, with hackers stealing as much as $3.8 billion, led by attackers linked to North Korea

A Chainalysis report found hacking activity that “ebbed and flowed” throughout the year, with “huge spikes” in March and October.

October was the biggest single month ever for cryptocurrency hacking, with $775.7 million stolen in 32 separate attacks.

North Korea-linked hackers such as those in the cybercriminal syndicate Lazarus Group have been by far the most prolific cryptocurrency hackers, stealing an estimated $1.7 billion worth of in multiple attacks last year.

North Korea has denied allegations of hacking or other cyberattacks.

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