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Ethereum’s Greener System Eliminates The Energy-intensive (POW) Mining Model "The Merge is the most significant upgrade in crypto history," "It's similar to changing the engines on an airplane in mid-flight. Years in the making, The Merge may be crypto's answer to critics who say the industry is a colossal waste of energy. Developers are scrapping that model and moving to a much greener system for processing transactions, called proof of stake. Ideally, the aim is to turn Ethereum into the crypto internet-a base layer for apps, financial services, and many more digital assets like NFTs. Highly energy-intensive, requiring a massive amount of computing work and electricity. Ethereum was built on the same system as Bitcoin, and is an energy hog, using roughly the same amount of electricity in a year as countries like the Netherlands. Mining leaders for both Bitcoin and Ether, said they were studying how to adapt Ether mining machines to other tokens or projects. The shift should eliminate Ether mining. It will cut Ethereum’s energy usage by more than 99%, according to the Ethereum Foundation, sharply reducing the network’s carbon footprint. The Merge should also reduce the newly minted Ether produced yearly. And developers are planning more upgrades over the next few years to increase Ethereum’s throughput and lower its usage fees. Ideally, the aim is to turn Ethereum into the crypto internet—a base layer for apps, financial services, and many more digital assets like NFTs. The stakes are high because so much of the crypto industry has a stake in its performance. The upgrade could be a boon to companies like Coinbase. The exchange is developing a service that makes it easy for investors to stake their Ether, with Coinbase taking a 25% cut of any income generated. Find Out More At https://ampraider.com/
