Why Big Crypto “Merge” Is Causing Big Problems - Business

Why Big Crypto “Merge” Is Causing Big Problems – Business

Experts told AFP that the largest software upgrade in the short history of cryptocurrencies has fulfilled its promise to wipe out more than 99 percent of the electricity used by the second largest cryptocurrency.

This is not a feat, given that the Ethereum blockchain has been burning with electricity like New Zealand.

Skeptics expected errors in the upgrade, known as “merging,” but it ended up being a “rather boring event,” according to Alex de Vries of the Free University of Amsterdam.

De Vries, whose website Digiconomist models energy use in Bitcoin and Ethereum, said consumption has already fallen by more than 99 percent on Ethereum.

Moritz Platt, a researcher specializing in cryptocurrency at King’s College London, said the 99 percent estimate was realistic and heralded a positive step towards “crypto sustainability.”

So the Ethereum blockchain, which supports billions of dollars in trading in games, tokens, art and ethereum, has cleaned up its act.

But there are complications.

Ethereum is facing stiff opposition from those who lost out on the merger and could also come under more scrutiny by regulators.

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