Ethereum’s energy consumption has decreased by almost 99.95%
According to the on-chain analytics company firm glassnodeSince the merge update, which went live on September 15th, both the mean and mean block interval of the Ethereum network have consistently been a remarkable 12 seconds.
This signifies “the transition from the probabilistic variability of PoW mining to the engineered precision of PoS block time,” according to Glassnode.
Under the new Ethereum method, a validator will be chosen at random once every 12 seconds to add a “block” or collection of transactions to the ledger on the chain. This suggests that the blocks of the proof-of-stake chain will be automatically generated every 12 seconds. The protocol selects a validator to submit a block for each “slot”, which is a 12-second interval.
That block goes missing if that validator is offline, is on a different fork, or is otherwise not participating properly. In the previous proof-of-work (PoW) mechanism, Ethereum blocks were generated on average every 13 or 14 seconds.
However, according to a recent Glassnode report, proof-of-stake (PoS) blocks are generated at regular 12-second intervals, which marks an improvement. With the switch to Proof of Stake, Ethereum’s energy consumption is reduced by about 99.95%.
Ethereum price drops post-Merge
As the ETH price fell to its lowest point since late July on Sept. 18, investor enthusiasm surrounding last week’s Merge update appeared to be long gone.
Ethereum, the second-largest cryptocurrency by market capitalization, was recently trading at $1,309, a loss of 8.70% in the past 24 hours from the last three days following the merger. Thus, Ethereum is down 25.14% over the previous week.
ETH began trading easily over $1,700 last week as there were great hopes for the Ethereum Merge update. However, it may take some time before the Merge’s full effects become clear.
Most altcoins and Ethereum fell as investors weighed in on the prospect of another 75-basis-point increase from the Fed. The Fed’s two-day meeting is set to begin Tuesday, and most market participants expect a further 75-basis-point increase by the Fed. According to some economists, the Fed could raise interest rates by a full point or 100 basis points.