Ethereum cryptocurrency jettison mining11/9/2022 As Bitcoin’s price continues to waver, facing some resistance at $20,000, the short-term price outlook for the leading cryptocurrency remains cloudy. Since then, rough economic conditions have soured Bitcoin’s price along with the rest of the market. Price pressuresīitcoin reached its all-time high value of $69,000 in November of 2021. These macro factors are credited with igniting the recent bear market. Beyond the energy issue, and in addition to the recent meltdowns of crypto lenders, the crypto industry writ large is facing myriad macroeconomic concerns ranging from political tensions to high inflation rates to hawkish national monetary policies. This rate of energy consumption is a major criticism of proof of work, which will remain the basis of Bitcoin mining after Ethereum ditches the process. US Committee Announces Hearing on Cryptocurrency Energy Consumption As more tokens are put in circulation, the difficulty to mine tokens increases, thus increasing the amount of energy necessary to complete the required calculations. This differs from proof of work, which relies on computers to solve mathematical algorithms to mine tokens. The more tokens an individual has associated with the blockchain, the higher probability they have of being randomly chosen as a network validator. In proof of stake, block transactions are verified by validators that have staked a number of their tokens. In addition to alleviating energy concerns, the shift to proof of stake brings additional benefits. ETHEREUM CRYPTOCURRENCY JETTISON MINING UPGRADEThe merge is only the latest Ethereum blockchain upgrade aimed at creating a reliable decentralized ecosystem for the future of finance. How will that shift affect Bitcoin, which still stands alone atop the crypto market and still uses proof of work? Shifting sands That's when the world’s second largest cryptocurrency will jettison its energy-intensive proof-of-work consensus mechanism. Ethereum founder Vitalik Buterin said on Tuesday that the Ethereum merge is on target to happen "around" September 13 to September 15.
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