- The average block time for Ethereum has decreased by more than 13%.
- Ethereum blockchain transitioned away from the power-intensive proof-of-work.
It has been discovered that the Ethereum Merge update, which aimed to shift the blockchain to a proof-of-stake (PoS) consensus mechanism, has improved the rate at which new Ethereum blocks are generated.
It was widely agreed that The Merge was one of Ethereum’s most important enhancements. Several myths about reduced gas prices and speedier transactions that arose as a consequence of the buzz were dispelled. The blockchain, however, has seen noticeable improvements after the Merge, such as a dramatic rise in daily block generation and a significant drop in average block time.
Results Starting to Appear
Ethereum’s switch to Proof-of-Stake (PoS) consensus was finalized on September 15, along with the Merge update. That same day, daily block production increased by almost 18%, from about 6,000 blocks to 7,100 blocks.
Along with this change, YCharts data shows that the average block time for Ethereum has decreased by more than 13%. The block time is the amount of time it takes for miners or validators inside a network to validate transactions.
The aforementioned results demonstrate the constructive effects of the Merge update on the Ethereum network. As the Ethereum blockchain transitioned away from the power-intensive proof-of-work (PoW) consensus process, GPU prices in China plummeted after the update.
According to a Chinese retailer, the price of an Nvidia GeForce RTX 3080 plummeted from 8,000 yuan (about $1,118) to 5,000 yuan (about $560) in only three months. Moreover, the vendor said that nobody in China was purchasing new PCs or graphics processing units.
According to CMC, the Ethereum price today is $1,294.83 USD with a 24-hour trading volume of $8,628,791,591 USD. Ethereum is up 0.32% in the last 24 hours.