With a faster average block time, Ethereum Merge accelerates block creation

It has been found that the Ethereum (ETH) Merge update, which aimed to convert the blockchain into a proof-of-stake (PoS) consensus mechanism, had a favourable effect on the production of new Ethereum blocks.

After successfully converting the network to PoS, Ethereum finished The Merge update on September 15. The daily average number of blocks created (EBC) increased by almost 18% that day, rising from about 6,000 to 7100 blocks.

The Merge was seen as one of Ethereum’s most important improvements. Due to the euphoria, the crypto sector was afflicted by a number of myths like lower gas costs and quicker transactions, which Cointelegraph dispelled. However, the blockchain has clearly improved after the Merge, with daily block generation rising sharply and average block time falling noticeably.

In addition, data from YCharts shows that Ethereum’s average block time, which measures how long it takes a network’s miners or validators to confirm transactions, decreased by nearly 13%.

GPU costs in China significantly decreased after the Ethereum upgrade as the blockchain shifted away from the power-hungry proof-of-work (PoW) consensus process.

The results presented above demonstrate The Merge’s beneficial effects on the Ethereum blockchain.

According to a Chinese vendor, the cost of the Nvidia GeForce RTX 3080 decreased from $1118, or 8,000 yuan, to 5,000 yuan in just three months, as Cointelegraph reported. The vendor added that nobody (in China) is purchasing new computers, much less new GPUs.

News Summary:

  • With a faster average block time, Ethereum Merge accelerates block creation
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