The Ethereum Merge update, which primarily sought to move the blockchain into a Proof-of-Stake (PoS) consensus mechanism, was found to have a positive impact on the creation of new Ethereum blocks.
One of the most important upgrades to Ethereum is the merger. As a result of the hype in the crypto ecosystem, a number of misconceptions have arisen about cheaper gas fees and faster transactions that Cointelegraph has exposed. Some of the obvious improvements that the blockchain has undergone since the merger include a significant increase in daily block generation and a significant reduction in average block time.
Ethereum blocks per day. Source: YCharts
On September 15, Ethereum completed a consolidation upgrade following the network’s successful transition to PoS. On the same day, the number of blocks created per day increased by about 18%, from about 6000 blocks to 7100 blocks per day.
Ethereum average block time (EBT). Source: YCharts
In addition to the move, the average block time — the time it takes miners or validators on the network to validate transactions — for Ethereum has fallen by more than 13%, according to YCharts data.
The above data shows the positive impact of the merger update on the Ethereum blockchain.
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After the Ethereum upgrade, GPU prices in China plummeted as the blockchain moved away from the power-intensive Proof of Work (PoW) consensus mechanism.
As Cointelegraph reported, the price of the Nvidia GeForce RTX 3080 dropped from 8,000 yuan, or $1,118, to 5,000 yuan in three months, according to a Chinese seller. The seller also mentioned that in China, no one buys new computers, let alone new GPUs.