As the Ethereum network is about to switch from its current Proof of Work mechanism to a Proof of Stake mechanism, Ethereum mining revenue has fallen sharply in the past few weeks.

As the Ethereum consolidation approaches, total mining revenue has reached its lowest level in one month.

On the other hand, the Ethereum 2.0 deposit contract now contains over 13.5 million ETH, which is an all-time high.

During the first week of December 2020, the number reached around 1 million Ethereum, meaning it has gone up exponentially.

Simon Peters, financial analyst at eToro said:

With just over a week away from the consolidation, many are now beginning to speculate on how (and how well) the blockchain will work going forward.

Read:Bitcoin rises above 21 thousand dollars and maintains its positive path for this reason!

However, some analysts now expect to switch to proof of quotas to cut power consumption by 99%.

To put things in a similar vein, this would be equivalent to Portugal’s electricity consumption.

In the last month, Ethereum experienced a significant drop in profitability.

The total number of Ethereum addresses in profit dropped to a one-month low during August 2022.

Ethereum 2.0:

Analysts described the recent update of Ethereum as the biggest shift in the history of the world’s second largest crypto asset.

Analyst Peters added:

While this is only a hypothesis at the moment, as there is no evidence of participating networks (Cardano, Solana) on the scale that Ethereum will run on, it will leave Bitcoin as the largest remaining Proof of Work network.

Read:The Ripple community is waiting for the Ripple case to be settled with the SEC… Will that happen soon?

Read also:

What will happen to Ethereum holders during and after the merge upgrade?

The Saudi Central Bank appoints a head of the crypto division to promote digital ambitions in the Kingdom