Ethereum’s energy consumption dropped by 99.9% after the Merge; Thailand and Hungary will jointly explore blockchain tech, and DOGE skyrocketed as Elon Musk bought Twitter.
Ethereum’s energy consumption dropped by 99.9% after the Merge
Considered one of the most significant upgrades ever to Ethereum, the Merge that moved Ethereum from PoW to PoS instantly reduced the network’s energy consumption by 99.9%.
How News Impact Crypto Prices: The Merge Edition
Although ETH‘s switch from PoW to PoS took years to prepare and develop, there were a lot of doubts it was even happening in 2022. Thus, when the Ethereum developers community confirmed the Merge for the 15-16th of September on their Consensus Layer Call, the coin’s price began to surge. In the following two days, the ETH quotes increased 20%, reaching a local high of over $2,000 on August, 14th.
However, once the market excitement due to the upcoming transition was over, Ethereum began to plummet due to the overall financial downtrend and global uncertainty. By the 29th of September, ETH was already below $1,500.
Before the Merge update, the network’s energy consumption ranged from 46.31 to 93.98 TWh per year. The lowest energy consumption on the Ethereum blockchain was recorded at 4.75 TWh per year on December 26, 2019.
Ethereum’s energy consumption has dropped by more than 99.9% since the Merge, and the process is still ongoing. Hence, the network’s carbon footprint has also decreased to 0.1 million tons of CO2 per year.
Thailand and Hungary will jointly explore blockchain tech
Blockchain organizations in Hungary and Thailand have signed a new collaboration agreement to promote the use of blockchain technologies in the financial services industry. The organizations aim to share their experiences and generate new ideas to offer alternative services.
Thai Fintech Association President Chonladet Khemarattana pointed out that digital financial services are growing rapidly in Thailand and there is an increasing number of cryptocurrency holders in the country. Stating that international cooperation is required to develop financial technologies, Khemarattana stated that the cooperation with Hungary will help Thailand gain more experience in the sector and that both countries will offer new services in the future.
DOGE skyrocketed as Elon Musk bought Twitter
The value of Dogecoin (DOGE), which has become one of the most popular items on the agenda again with Elon Musk’s purchase of Twitter, has increased by 150%, rising from $0.0594 to $0.15 since Tuesday, October 25.
The popular meme-coin has experienced the biggest rally in the last 6 months, thus surpassing Cardano (ADA) and more than 120 members in the S&P 500 stock market index. With this development, Dogecoin replaced Cardano in the list of the world’s largest cryptocurrencies in terms of market capitalization.
The market value of Dogecoin is at the level of $17.5b at the time of writing, which is $3b more than before the purchase of Twitter.
Elon Musk’s acquisition of Twitter produced allegations that Twitter was developing a crypto wallet. Musk had previously proposed to charge users with Dogecoin for the ‘tweet’ they sent to reduce the number of fake and bot accounts on Twitter.
Cardano founder Charles Hoskinson also pointed out that Musk’s acquisition of Twitter raises the possibility of Dogecoin being integrated into the popular social media platform.