Ethereum blockchain to undergo major upgrade to cut energy use


FILE PHOTO Representation of Ethereum with its native cryptocurrency ether is seen in this illustration taken November 29 2021. REUTERSDado RuvicIllustrationFile Photo

FILE PHOTO: Representation of Ethereum, with its native cryptocurrency ether, is seen in this illustration taken November 29, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

LONDON (Reuters) - A long-awaited software upgrade to the Ethereum blockchain aimed at slashing its huge energy consumption is expected this week, a move proponents say may widen the technology's use and support the price of the ether token.

The upgrade, known as the "Merge," will mark a radical change to how transactions on the Ethereum blockchain occur and ether tokens are created. The new system will consume 99.95% less energy, according to the Ethereum Foundation https://ethereum.org/en/upgrades/merge/, a body which acts as a spokesperson for the network.

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