“When the Merge officially kicked in at 6:43 a.m. UTC, more than 41,000 people were tuned in on YouTube to an “Ethereum Mainnet Merge Viewing Party.” They watched with bated breath as key metrics trickled in suggesting that Ethereum’s core systems had remained intact. After about 15 long minutes the Merge officially finalized, meaning it could be declared a success.
The payoff is potentially gigantic. Ethereum should now consume 99.9% or so less energy. It’s like Finland has suddenly shut off its power grid, according to one estimate. The upgrade will also make the network – which houses a $60 billion ecosystem of cryptocurrency exchanges, lending companies, non-fungible token (NFT) marketplaces and other apps – more secure and scalable.
This is the first step in Ethereum’s big journey towards being a very mature system, but there are still steps left to go. To me, the Merge just symbolizes the difference between early stage Ethereum, and the Ethereum we’ve always wanted to become.
The update’s complexity was compounded by the fact that it may have been one of the largest open-source software endeavors in history, requiring coordination across dozens of teams and scores of individual researchers, developers and volunteers.”
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“The Ethereum Merge lowered the world’s energy consumption by 0.2%, according to the blockchain’s co-founder Vitalik Buterin, marking what may be one of the single biggest decarbonization efforts in history.
[According to the CCRI report, Ethereum’s overall electricity draw now tallies just 2,600 megawatt hours per year, compared to 23 million megawatt hours before the merge. As a result, Ethereum’s estimated annual CO2 emissions have dropped from over 11 million tons to just under 870.] The overhaul cut Ethereum’s energy use by 99.988% and carbon-dioxide emissions by 99.992%.
The amount of energy guzzled by PoW, which is how Bitcoin and other blockchains still operate, has come under extreme scrutiny from lawmakers and policymakers around the world. Before its transition to PoS, a single Ethereum transaction used 200.05 kilowatt hours (kWh) of electricity, comparable to how much the average U.S. household uses in 6.7 days.
The Merge not only could help the environment, it could also lure more money to Ethereum from ESG investors – those who only invest in companies and industries that achieve certain environmental, social and corporate-governance goals. Investors barred from buying tokens that run on PoW systems may be able to buy ETH.”
“Speaking after the Merge (but not specifically about Ethereum), SEC Chair Gary Gensler said proof-of-stake cryptos could be investment contracts that subject them to securities regulations.
According to the Wall Street Journal, Gensler said that proof-of-stake (PoS) blockchains, which generate new coins for investors who pool their holdings, take on investment contract-like attributes that could bring them under his agency’s purview.
The comments, which came hours after Ethereum completed its PoS transition via the Merge, indicate that the milestone tech upgrade may carry greater ramifications for the second-most popular blockchain. As a proof-of-work chain, its native ether token was one of only two cryptos – the other being bitcoin – clearly defined as commodities by federal regulators.”
See Also: Senator Toomey Challenges Gensler’s View That Nearly ‘All Crypto Tokens Are Securities’
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“Shortly after the ETHPoW mainnet debuted on Thursday, users began experiencing issues accessing the network. It quickly became clear that part of the issue was that ETHPoW had chosen a chain ID already in use.
The chain ID designated by ETHPoW’s was apparently already in use by a Bitcoin Cash testnet. Pre-hardfork testing would likely have uncovered the conflict. Since the network went live earlier today, the price has collapsed by more than 74%. It’s trading at just $15.33 at the moment.
Guo did not immediately respond to Decrypt’s request for comment.”
“Ethereum miners are finding it increasingly hard to make money after the Merge as too many of them are switching to alternative coins, crushing mining profitability. Vera estimated that 20%-30% of ethereum miners have migrated to other networks, with the rest of them simply shutting down.
Graphics processing units (GPU) mining is dead less than 24 hours after the Merge. The three largest GPU chains have very low profits, and the only coins showing profit have no market cap or liquidity.
The reward for mining an Ethereum Classic block about 24 hours ago was ETC 0.0186484, or about 70 cents, but a check in the past hour found that’s tumbled to just ETC 0.00030658, or about 11 cents. Similarly, RVN miners could earn RVN 30.28478584, or $1.77 per block 24 hours ago, and in the past hour, that’s dropped to just RVN 0.82968431, or about 5 cents.”
“A South Korean court has issued an arrest warrant against Do Kwon, the co-founder of the now defunct stablecoin issuer Terraform Labs, according to the financial crimes unit of the Supreme Prosecutors’ Office.
The warrant included five additional individuals. They are charged with violating the Capital Markets Act, the report said.”