Ethereum merge makes itself felt – more blocks, lower block time

Ethereum merge makes itself felt – more blocks, lower block time

The merger of Ethereum (ETH), which primarily ensured that the associated blockchain network switched to the Proof-of-Stake (PoS) consensus process, is already having a positive impact on block creation.

The merge was probably the most eagerly awaited upgrade for Ethereum, which is why the hype in advance was correspondingly high. The transition from Proof-of-Work (PoW) to PoS brings with it a number of changes and improvements that are now slowly becoming noticeable. Especially when it comes to block creation, it can be seen that the average number of blocks per day has risen sharply, while the average block time has also decreased significantly.

Ethereum blocks created per day. Source: YCharts

This improvement became apparent relatively quickly, because on September 15th – the date on which the Ethereum merge was completed – the number of Blocks Created Daily (EBC) skyrocketed by almost 18%. This represented an increase from 6,000 blocks to 7,100 blocks per day.

Average block time for Ethereum (EBT). Source: YCharts

Average block time — the time it takes miners to validate transactions — which in turn is related to the number of blocks created, has also fallen by more than 13%, according to Ycharts data.

So the merge is already having a very real, direct impact on the fundamentals of the Ethereum network.

An indirect effect of the upgrade is that graphics card prices in China have recently plummeted, because the abolition of the Proof-of-Work (PoW) consensus process for Ethereum means that graphics chips are no longer required for mining ETH.

For example, as Cointelegraph reported, the price of the popular Nvidia GeForce RTX 3080 graphics card has fallen from around $1,118 to just $800 in three months. The situation is made even more difficult for dealers by the fact that demand is already reduced given the current global economic situation.

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