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The CoinMarketCap community remains bullish on the price of Ethereum, predicting that the currency will trade above $2000 by September 30, 2022. Rekt Capital, a cryptocurrency expert, suggested on Twitter that ethereum maybe construct a Lower High. According to him, it will replicate what happened in 2021. Mike Novogratz, CEO of cryptocurrency investing firm Galaxy Digital, recently stated that the company favors Ethereum as a trade asset due to the Merge’s upcoming update.
Antoni Trenchev, the co-founder of crypto financing company Nexo, accepted the prospect of Ethereum’s price rising. However, he stated that it would be contingent on the initial success of the update. As a result, money went into options rather than direct exposure to the sector. Investors are generally excited about the Ethereum Merge update.
Bitcoin, Ethereum, and other cryptocurrencies are “mined” by solving complicated problems using power. Devices that mine cryptos are in massive warehouses near inexpensive power sources and consume a lot of energy.
A blockchain is a decentralized for documenting transactions occurring when encrypted codes are transferred over a computer network.
Users authenticate their performance through a process known as “proof-of-work,” which rewards them with cyber currency only once they have demonstrated their participation in this type of energy-intensive mining.
Even though it crashed in the first half of 2022, the profitable cryptocurrency business is worth over $1 trillion.
Because of the widespread acceptance of Ethereum, it is even more vital to address environmental issues and shift course, which led to a partial boycott.
Transition Details
Vitalik Buterin, the creator of Ethereum, intends to transition to a proof-of-stake mechanism in mid-September.
This means that participation no longer relies on proof of electricity use but rather on staking ether blocks.
Users will then validate or stake their coin to earn additional ether. Currently, Ethereum consumes approximately 45 terawatt hours of electricity each year.
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