Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
Ethereum Merge
Ethereum Classic Hash Rate Explodes After The Merge
With Ethereum’s long-anticipated Merge finally complete, the network’s miners may have already found a new home in Ethereum Classic. The original Ethereum chain saw its hash rate explode following Thursday’s monumental upgrade. Inheriting Ethereum’s Miners According to data from 2Miners, Ethereum Classic’s hashrate is now up to 305.65 terrahashes per second (TH/s). On late Wednesday, it stood at just 80 TH/s. For context, 1 terrahash is equal to 1 000 000 000 000 hashes. These are guess answers generated by…
3 years ago
Ethereum Merge Officially Scheduled for September 15th
Ethereum developers have established tentative, official scheduling for the merge on September 15th. On that day, the network’s consensus mechanism will change from proof of work to proof of stake. The date was established on Thursday during an Ethereum Foundation Consensus Layer Call. Developers agreed to target either September 15th or September 16th with the upgrade. However, the timing remains an estimate, and devs stressed that the official date is not finalized yet. On Thursday, developer Tim Beiko tweeted the…
3 years ago
Circle, Tether Announce Sole Support for Ethereum POS Chain
Circle and Tether – issuers of the two largest stablecoin, USDC and USDT – have confirmed that they will only support redemptions on Ethereum’s proof of stake chain, post-merge. By contrast, any possible Ethereum forks that emerge in the aftermath will be left behind by both firms. Rejecting the Miner Revolt Per Circle’s announcement on Tuesday, the company can only viably support a single version of the Ethereum state. “Our sole plan is to fully support the upgraded Ethereum PoS…
3 years ago
Ethereum Merge will Decrease Demand for GPUs, New Research Suggests
Morgan Stanley says changing to Proof of Stake might not solve Ethereum's scaling problems. An equity strategist for Morgan Stanley claims Ethereum beacon-mainnet merge will cause demand for graphics processors to plummet in the coming months. The Ethereum platform has been undergoing a parade of testnets preparing for its merge with Beacon Chain. This merge is a move to facilitate the blockchain's transition from operating a Proof of Work model, to Proof of Stake. The PoW consensus model understandably…
3 years ago