Ethereum: the Merge scheduled for September 15, will revolutionize the blockchain market

As the much-anticipated Ethereum merge set to take place in September approaches, discussions have begun about the impact of the merge on the broader crypto space. Originally scheduled for September 19, new information suggests that the Ethereum blockchain upgrade could take place four days earlier.

Regardless of the date, it is certain that the Ethereum merge will take place in September. Furthermore, this network upgrade will mark a defining moment for Ethereum’s overall performance going forward. Improvements are expected in how the versatile blockchain handles power consumption, transaction speed and achievable scalability.

What to expect from the upcoming Ethereum merger

The Ethereum Merger aims to make the blockchain more “green” and environmentally friendly. It will achieve this by moving from a proof-of-work (PoW) model to a less energy-intensive proof-of-stake (PoS) model. Furthermore, by making this radical change, Ethereum seeks to pave the way for unlimited optimization over time. This also implies that evolutionary phenomena such as decentralized finance (DeFi), non-fungible tokens (NFT) and smart contracts will benefit greatly.

The PoS orientation of blockchain also suggests that users can perform tasks at a much lower cost and perhaps in a more convenient manner. Reports also indicate that the Merge will greatly reduce the energy required by more than 99%. This is because owners of the underlying ETH native currency can now use some of it to power the blockchain. In comparison, the outgoing PoW module relies heavily on traditional mining, where users deploy powerful computers to solve complex mathematical puzzles. This method was the only way for users to power the Ethereum network or create new tokens.

Before its September deadline, Ethereum’s next operational transition underwent a series of successful tests. These tests are dress rehearsals from which developers can learn key lessons before the main event. However, reports also suggest that there is still a small chance that things could go wrong during the main merge. These potential incidents include the network slowing down for a period of time or even shutting down completely.

What does the September upgrade mean for the ETH award and the mining community?

Despite the optimistic talk about the benefits of the merger, there are also financial implications. The impact of the September system upgrade on the price of Ether is still unclear. However, some analysts believe the merger will boost the value of ETH, especially compared to Bitcoin (BTC).

In addition, the fallout from the merger could also make miners redundant in an ever-changing crypto space. In this regard, discussions about Ethereum Classic are already making the rounds in the mining community. In fact, some observers believe that Ethereum Classic, which retains mining, may ultimately surpass the new Ethereum in popularity.