ETH 2.0 or ‘The Merge’ is a process where Ethereum’s network is switching to a new algorithm, Proof of Stake. The update has been due for quite some time after being delayed repeatedly.
Ethereum finally switched to Proof of Stake mode, paving the way for faster transactions and code upgrades.
The change was initiated earlier this month after the activation of the Bellatrix upgrade. The switch from Proof of Work to Proof of Stake was commenced once Terminal Total Difficulty (TTD) had crossed 340344,750,000,000T, and the last block was discovered.
The significant advantage of Proof of Stake is that miners will no longer compete in finding the same blocks. This does not guarantee Ethereum’s spot, but at least the biggest contributor to GPU mining is no longer a threat.
Vitalik Buterin, the creator of Ethereum, claimed that global electricity consumption would drop by 0.2%, and ETH mining energy should be reduced by 99%.
The switch demonstrated the problem of cryptocurrency. Ethereum was one of the factors for GPU shortage between 2018 to 2021.
It won’t be surprising to see reduced costs of second-hand graphics cards on the market and even AMD and NVIDIA lowering the MSRP of their current-gen GPUs.
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