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.
