The countdown continues for the highly anticipated Ethereum Merge. The massive Ethereum Merge, set to take place in September, will drastically reduce the energy consumption of the network.
The Ethereum Merge, which is expected to take place in mid-September, will offer a solution to one of the most criticized aspects of cryptocurrencies. According to the statement made by the developers, with the Ethereum Merge, the energy consumption of the Ethereum Blockchain network will decrease by 99.95 percent and a greener cryptocurrency will be introduced. The PoW Blockchain network consumes over 82.1 TWh of current annual energy consumption of Ethereum, which is equal to the energy consumption of the country with a population of over 19 million. The main reason for this high energy consumption in the PoW Blockchain network can be explained as the need for verification.
Ethereum developers have been working for years to shift it to a proof-of-stake (PoS) consensus, which uses a completely different method to secure the Ethereum Blockchain network, while also solving the carbon emission problem. The cryptocurrency industry has started to look for change due to the setbacks caused by the high energy consumption of the two most important PoW Blockchains, Bitcoin and Ethereum. Especially with the increasing adoption of cryptocurrencies in recent years, authorities have been keeping a distance from the crypto industry, stating that cryptocurrencies consume too much power and have negative effects on the environment.
As a result of these concerns, in May 2021, electric car manufacturer Tesla had to withdraw support for payments with Bitcoin (BTC) due to high energy consumption. Since its inception, users and developers of Ethereum, the second largest cryptocurrency, have been working on how to reduce their carbon footprint. With the Ethereum Merge, which is expected to take place on September 15, 2022, the energy consumption of the network will decrease drastically. In the statement made by the developers, energy use will be reduced by 99.95 percent with the Ethereum Merge.