Ethereum switches to Proof of Stake
The moment we have all been waiting for.
Ethereum, the biggest problem for graphics cards in the last few years, is no more an issue, as the popular cryptocoin moves to Proof of Stake mode.
The switchover started earlier this month after the activation of the Bellatrix upgrade. The switch from Proof of Work to Proof of Stake has commenced once Terminal Total Difficulty (TTD) has surpassed 58,750,000,000T and the last block has been found. This happened just minutes ago.
The repeatedly delayed switch to PoS is now a fact, which means that miners will no longer compete in finding the same blocks. Of course, this does not mean that other cryptocoin will not take Ethereum’s place, but at least the biggest contributor to GPU mining is now gone.
According to the creator of Ethereum, global electricity consumption is to drop by 0.2%, while ETH mining energy should be reduced by 99%. This illustrates perfectly the problem of cryptocurrency. Ethereum has been one of the biggest reasons for GPU supply issues during its peak popularity in 2018 and 2021.
"The merge will reduce worldwide electricity consumption by 0.2%" – @drakefjustin
— vitalik.eth (@VitalikButerin) September 15, 2022
The switch may lead to a surplus of used graphics cards to the market, pushing AMD/NVIDIA even harder to lower the price of their current and future offer.
Source: The Verge