Merge upgrade for Ethereum, which aimed to transform the blockchain into a proof of stake (PoS), has had a positive effect on the creation and use of new Ethereum blocks.
The Merge was one of the most important upgrades to Ethereum. Cointelegraph dispelled many myths about cheaper gas fees and faster transactions that were created by the hype surrounding the Merge. The blockchain has seen some notable improvements post-Merge, including a significant increase in block creation per day and a decrease in block time.
Ethereum blocks per day. Source: YCharts
After successfully transitioning to PoS, Ethereum completed The Merge upgrade on September 15. The number of blocks created each day (EBC), jumped by 18% from approximately 6,000 to 7100 blocks per daily that day.
Average block time in Ethereum (EBT). Source: YCharts
This was complemented by a drop in the average block time for Ethereum, which is the time taken by validators or miners within a network verify transactions. Data from YCharts supports this.
These findings demonstrate the positive effect of The Merge on Ethereum’s blockchain.
Related: Starkware cofounder says Ethereum Merge was “executed flawlessly”.
The Ethereum upgrade saw a dramatic drop in GPU prices in China as the blockchain abandoned the PoW consensus mechanism, which is power-intensive.
According to a Chinese merchant, the Nvidia GeForceRTX 3080’s cost dropped from $1118 (or 8,000 yuan) to 5,000 within three months. According to the merchant, no one in China is buying new computers or GPUs.