Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300A welcome email is on its way. If you don't see it, please check your junk folder.
The Ethereum Foundation has called the Merge the “most significant upgrade in the history of Ethereum,” pointing out that the shift will expand the breadth of activities that can take place on the blockchain network beyond what would be possible under a PoW framework. The Merge is expected to reduce Ethereum’s energy usage by about 99.9 per cent, addressing the long-standing criticism that the mining process and cryptocurrencies in general are environmentally unfriendly.
Brian Mosoff, chief executive officer at Ether Capital, characterized this merge as a back-to-basics moment where investors and market participants can turn their attention away from shinier headline-grabbing parts of the market like non-fungible tokens and focusing more on the infrastructure.Article contentBecause the Merge will see Ethereum move away from PoW mining processes, cryptocurrency miners are likely to be most adversely affected.
“We are watching the lead up to the Ethereum Merge very closely, and have a number of options that we can pursue once it occurs, including mining the next most profitable proof-of-work digital asset,” said a company spokesperson, adding that Hut 8 had been investing in its data center business as a way to broaden its revenue base.Article contentRecommended from Editorial