The update of Marj Ethereum, which changed the mechanism of this network from a proof-of-work model to a proof-of-stake, has clearly had a positive effect on the process of creating new blocks in the network of this digital currency.
To Report Cointelegraph, Marj is undoubtedly the most important update in Ethereum history. At the same time as the users’ attention to this historical upgrade increased, misconceptions about the reduction of fees and the increase in the speed of transactions in the Ethereum network were spread among users. However, since the implementation of this update, the activity of the Ethereum blockchain has also seen significant improvements, which include a sharp increase in the speed of creating new blocks every day and a significant reduction in block time in this network.
On September 15 (24 Shahrivar), the update of the Ethereum platform was completed and the network mechanism of this digital currency was successfully transferred to the proof of stake. On the same day, the number of blocks created daily in this network increased by 18% from around 6,000 blocks to 7,100 blocks per day.
In addition to this structural improvement, Ethereum’s block time (or the amount of time it takes to process existing transactions in each block and add a new block to the network) has also decreased by more than 13% since Marj’s update.
These two are examples of the positive impact of Marj’s promotion on Ethereum blockchain activity. On the other hand, since the change of the Ethereum network mechanism, the price of graphics processors (GPUs) in China has dropped drastically.
For example, the price of “Nvidia GeForce RTX 3080” graphics in this country has increased from $1,118 (8,000 yuan) to about $700 (5,000 yuan) in three months. Chinese businessmen say nobody in the country buys new computers now, let alone new graphics processors.