The event that will occur between September 10 and 20 where Ethereum 1.0 and Ethereum 2.0 will be operated is known as “The Merge”. This will be the final goodbye to mining in this network. As at the time came to inform cryptootics, the difficulty will increase with the new Ethereum update. Update to which Bellatrix has been called, a difficulty that will make it much more complex Minar Ethereum.
This fusion will take place as soon as mining stops on the network that is used as a work test (Pow), so that the new Ethereum with test of participation (POS) takes command. In general, mining is one of the issues that are most spoken when Ethereum's merger is mentioned. But we must also know some other changes that this network will suffer.
Ethereum will increase its energy efficiency
Ethereum mining, regardless of its current energy consumption, it has been confirmed that after the update the required energy power will be much lower. Therefore, it is estimated that the merger reduces the consumption of electricity related to ETH generation by 99.95%.
The computing power required by the Pow to verify transactions such as Bitcoin or Ethereum, is usually proportional to the amount of energy consumed. So a mining device usually demands greater electricity if a job is required more intensity. It is for this reason that many environmental defenders blame mining of global warming.
Despite these accusations, there are evidence that refutes these accusations, where not only is it denied that cryptocurrency mining has the environmental impact that is accused, but it has also been shown that its use can reduce the emission of harmful gases for the planet.
Ethereum aims to be deflation after the Merge
After Ethereum will adopt the EIP-1559 in August of the year 2021, each of the transactions of this network has been burning a small portion of Ether (ETH). This corresponding to the Base Commission of the Network, on the other hand, the Mining Commission and the reward with new Ethers generated goes directly to the miner.
Although the portion of ETH is burned, the emission of this crypt remains much greater. So the deflationary effect is quite far from being achieved if this rhythm is handled, but what the new version of Ethereum is activated. Block rewards are going to decrease, this to the point at which most of the time the ETH burned becomes greater than the ETH emitted.