A year after its momentous transition to proof of stake, Ethereum has experienced a substantial decrease in energy consumption and a notable enhancement in network accessibility. However, there are still several technical challenges to address moving forward.
The merge, executed on September 15, 2022, marked the merging of the Ethereum mainnet with a distinct proof-of-stake blockchain known as the Beacon Chain. The most conspicuous advancement following the merge was the significant shift from an energy-intensive proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS), resulting in a substantial reduction in the Ethereum network’s overall power usage.
Regarding Ethereum’s price, there may not seem to be a significant change since last September. A day before the transition, ETH was trading at around $1,600 — roughly the same price it holds a year later.
Energy Consumption Lowered
Before the transition, Ethereum utilized the proof of work consensus mechanism, the same as
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