The “green” blockchain upgrade is expected to take place in a few months, changing the way Ethereum trades and improves energy consumption in this ecosystem
Ether cryptocurrency outperforms the more popular Bitcoin, due to its more environmentally friendly blockchain system upgrade.
The price of the Ethereum blockchain cryptocurrency has recorded a rally of 16% in the last week. Bitcoin, for its part, has recorded an increase of 8.4%. Overall, this year, the value of Ethereum has fallen 17% while that of Bitcoin by 7%.
The new rally is due to the upcoming biggest in the 8-year history of Ethereum software upgrade.
It is called “The Merge” and is expected to take place in a few months, changing the way of trading in Ethereum and improving energy consumption in this ecosystem. The last test of the new system started on March 15 and seems to be working smoothly.
Ether rose 4.8% on Tuesday in Asian markets to $ 3,043. Bitcoin recorded a similar increase of 4.9% to $ 43,144.
The new upgrade will make Ethereum more attractive to environmentally conscious investors and will also reduce Ether’s supply.
After the upgrade, investors will be able to store their Ethers in special digital wallets that will be used for trading, a system called Proof of Stake. Holders of cryptocurrencies will not be able to “pick up” their Ethers until the next system upgrade, which is expected 6 months after the introduction of The Merge.
At the same time, their “thirst” for the sale of Ethers will be reduced, since they will not have such a high operating cost in their “mining” compared to other blockchains. It is estimated that Ethereum’s energy consumption is expected to be reduced by 99%.