The highly anticipated Ethereum Merge upgrade was released today. With the upgrade, the Ethereum Mainnet merged seamlessly with the Beacon Chain. Thus, Ethereum switched from Proof-of-Work to Proof-of-Stake consensus mechanism.
4 major developments after Ethereum Merge
Ethereum Merge is one of the biggest updates in Blockchain history. Therefore, we will see its effects in the coming weeks and months. In fact, the upgrade has already led to major improvements. cryptocoin.com In this article, we have compiled the major developments after Merge. These include skyrocketing metrics and rallying altcoins.
Ethereum Classic (ETC) hash rate peaks
One of the biggest alternatives to Ethereum, Ethereum Classic saw a huge increase in hash rate the day the Merge upgrade went live. Ethereum switched to PoS with Merge, rendering PoW miners dysfunctional. It seems that ETH miners have switched to ETC, an old Ethereum fork powered by the PoW mechanism. This explains the huge increase in hash rate.
As for the ratios, the ETC hash rate has increased by more than 100% in the last 24 hours. Thus, the hash rate increased from 100 TH/s to 200 TH/s. In the next few days, it is highly likely that we will see more hash rate increases on the new stops for Ethereum miners, Ravencoin, Ethereum Classic and ETHPoW. When we look at the price, ETC could not make a significant rise despite the increase in the number of miners. It’s possible that the overall market sentiment is behind this.
This altcoin has gained 70%
ETHPoW, an Ethereum fork like Ethereum Classic, attracted miner attention. ETHPoW price saw a notable spike during the Ethereum Merge upgrade. Accordingly, the altcoin surged by over 70% on the morning of September 15. However, it could not maintain its rise and then started to lose value. When we look at the data, we see that the altcoin started to rise from $ 34 this morning and rose to $ 60.6. However, the altcoin could not maintain its rise and fell after $ 60.6. At the time of writing, an ETHPoW was worth $28.60.
$60,626 gas fee paid in transaction after Merge
Gas fees exploded after the Ethereum Merge upgrade. A user paid a gas fee of $60,626 for an NFT that he printed just 17 seconds after Merge. This NFT is the first NFT to be printed on Ethereum’s PoS network. $60,626 corresponds to 36.8 ETH according to current price data.
Ethereum’s difficulty and hash rate reach zero
According to data provided by CryptoQuant, after clearing miners from the network and replacing them with validators, Ethereum’s difficulty and hash rate reached zero. With the smooth upgrade, the network will now work with Proof-of-Stake. ETH price increased by 3% after Merge. Meanwhile, Ethereum researcher Justin Drake said, “Merge will reduce electricity consumption worldwide by 0.2%.” Although this rate may seem insignificant, it is equivalent to the annual electricity consumption of Chile, a South American country.
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