There is a buzz around cryptocurrency miners that Ethereum successful merge has announced the end of crypto mining. Let’s find out is it true?
In the month of September 2022, Ethereum successfully completed its merge of two chains: Mainnet and Beacon Chain. Or simply you can say Proof-of-work and Proof-of-Stake.
Now ETH does not rely on cryptocurrency mining to run its blockchain network which is surprisingly good for Ethereum future. But many miners left with their expensive mining equipment.
Ethereum merge has flatly told the world that cryptocurrencies including Bitcoin will not rely on mining in future and crypto staking will take the place.
Crypto mining is really not good for cryptocurrencies future because mining consumes significant amount of electricity which harms our environment so badly. Whereas staking consumes 99% less energy.
Along with electricity consumption, mining equipment like ASIC Miners, GPU and CPU mining produce too much heat which make crypto graphic assets not worth for day-to-day transactions.
But on the other hand, crypto staking is way more energy efficient, up to 99%, and faster than cryptocurrency mining.
It is true mining will not be required in future. But coins like Bitcoin may take years to adopt this new way to validate the transactions.