With a major change on the crypto horizon, investors and developers have been keeping a close eye on the news.
The Merge is just a part of that continued evolution. However, with the upcoming merge only a few weeks away, the greedy need for CPUs could become a thing of the past.Įven though Bitcoin first launched in 2009 and Ethereum in 2015, crypto is still considered to be in its infancy, with ample room for growth and evolution. It's the power that all of these computers are drinking up that gives many people pause when considering getting involved with cryptocurrencies. The Ethereum 'Merge' is coming, but what does that mean?Īs thousands of people move money, create and play online games and build their businesses, millions of computers are buzzing away in almost every part of the globe powering the Ethereum blockchain. These macro factors are credited with igniting the recent bear market.Ĥ. This rate of energy consumption is a major criticism of proof of work, which will remain the basis of Bitcoin mining after Ethereum ditches the process.īeyond the energy issue, and in addition to the recent meltdowns of crypto lenders, the crypto industry writ large is facing myriad macroeconomic concerns ranging from political tensions to high inflation rates to hawkish national monetary policies. This differs from proof of work, which is an energy-intensive process that relies on computers to solve mathematical algorithms to mine tokens. The more tokens an individual has associated with the blockchain, the higher probability they have of being randomly chosen as a network validator. In proof of stake, block transactions are verified by validators that have staked a number of their tokens. In addition to alleviating energy concerns, the shift to proof of stake brings additional benefits.
10K CLEANSPARK UPGRADE
The merge is only the latest Ethereum blockchain upgrade aimed at creating a reliable decentralized ecosystem for the future of finance. That's when the world’s second largest cryptocurrency will jettison its energy-intensive proof-of-work consensus mechanism. How Will the Ethereum Merge Affect Bitcoin's Image?Įthereum founder Vitalik Buterin said on Tuesday that the Ethereum merge is on target to happen "around" September 13 to September 15. The report notes that while Bitcoin would follow a similar trend to treasury bonds and gold, Ethereum (ETH) “may have a higher correlation with stocks.”ģ. 7 report, which noted that Bitcoin was primed to rebound strongly from the bear market despite a “strong headwind” toward high-risk assets: “It's typically a matter of time for the fed funds gauge to flip toward cuts, and when it does, Bitcoin is poised to be a primary beneficiary.” The commodities strategist shared more details in a Sept. In a Sept.7 post on Linkedin and Twitter, McGlone explained that while the United States (U.S.) Federal Reserve tightening will likely determine the direction of the stock market, Bitcoin remains a “wildcard” that could buck the trend, stating: " Bitcoin is a wild card that’s riper to outperform when stocks bottom, but transitioning to be more like gold and bonds.”
Bitcoin is a 'wild card' set to outperform -Bloomberg analystīloomberg analyst Mike McGlone has labeled Bitcoin (BTC) a “wild card” which is “ripe” to outperform once traditional stocks finally bottom out.
Taking into account all the acquisitions, the firm said it will reach 5 exahash/second of hashrate by the end of the year.Ģ. In August, CleanSpark acquired a new mining facility with 3,400 machines. The company in June bought contracts for 1,800 machines, and in July acquired another 1,061 rigs. It's the latest in a number of moves by CleanSpark to find spots for growth during the bear market. Indeed, the price of mining rigs has fallen by 40% in the past few months as struggling bitcoin miners are offloading their machines for cash. Bitcoin Miner CleanSpark Buys 10K New Machines for $28M After Discounts, Creditsīitcoin (BTC) miner CleanSpark (CLSK) has purchased 10,000 new Bitmain Antminer S19j Pros for $28 million after credits and discounts, a significant markdown from the manufacturer's listed price.
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