For proof-of-work blockchains, that resource is power - in the form of the electricity required to run a mining operation. Every blockchain needs to run on a scarce resource, Charbonneau explained, one that bad actors can't monopolize. "It's what's called the Sybil resistance mechanism," said Jon Charbonneau, an analyst at Delphi Digital. It's how bitcoin runs and, until Tuesday night, how ethereum ran. This system is called "proof of work" because computers have to prove their energy expenditure by completing the energy-intensive task of unscrambling a puzzle.
#Staking will drop power consumption full
It takes a powerful computer to have a chance in this race, and people typically set up warehouses full of rigs for this purpose. Doing so gives you a reward: Bitcoin miners get 6.25 bitcoin ($129,000) for every block they verify, while ethereum miners get 2 ether ($2,400) plus gas, which are the fees users pay on each transaction (which can be huge). If your computer unscrambles the cryptography first, you win the right to "validate" a block - that is, add new data to the blockchain. Your rig competes with hundreds of thousands of miners around the world trying to solve the same puzzle. You'd set up a powerful computer - a "mining rig" - to run software that attempts to solve complex cryptographic puzzles. To understand the Merge, you first need to understand the role of cryptocurrency miners. "We still have to scale, we still have to fix privacy, we still have to make the thing secure for regular users, we all need to work hard and do our part."īuterin called the Merge "the difference between early stage ethereum and the ethereum we've always wanted." Why is crypto bad for the environment? "This is the first step in ethereum's big journey toward being a very mature system, and there's still steps to go," ethereum creator Vitalik Buterin said on a YouTube livestream following the completion of the Merge.
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