Ethereum blockchain completes major software upgrade

Published September 15, 2022
Representation of Ethereum, with its native cryptocurrency ether, is seen in this illustration. — Reuters/File
Representation of Ethereum, with its native cryptocurrency ether, is seen in this illustration. — Reuters/File

Software for the Ethereum blockchain has been overhauled, drastically reducing its energy usage, its inventor and co-founder tweeted on Thursday.

The new system will use 99.95 per cent less energy, according to the Ethereum Foundation. To its proponents, the upgrade represents a major advantage as Ethereum seeks to surpass rival blockchain bitcoin.

Most blockchains devour large amounts of energy and have come under fire from environmentalists and some investors. Before the software upgrade, which is known as Merge, a single transaction on Ethereum used as much power as an average United States household uses in a week, according to researcher Digiconomist.

The overhaul has changed how transactions on the Ethereum blockchain occur and how ether tokens, the second-largest crypto coin after bitcoin, are created.

Read: Cryptoverse: Ether snaps at bitcoin’s heels in race for crypto crown

Ethereum has moved from a “proof of work” system, in which energy-hungry computers validate transactions by solving complex maths problems, to a “proof of stake” system, where individuals and companies act as validators, using their ether as collateral, to win newly created tokens.

“Happy merge all,” inventor Vitalik Buterin said in a tweet. “This is a big moment for the Ethereum ecosystem.”

The cryptocurrency ether was little changed at $1,633 as of 0713 GMT.

Opinion

Editorial

Token austerity
Updated 11 Mar, 2026

Token austerity

The ‘austerity’ measures are a ritualistic response to public anger rather than a sincere attempt to reform state spending.
Lebanon on fire
11 Mar, 2026

Lebanon on fire

WHILE the entire Gulf region has become an active warzone, repercussions of this conflict have spread to the...
Canine crisis
11 Mar, 2026

Canine crisis

KARACHI’S stray dog crisis requires urgent attention. Feral canines can cause serious and lasting physical and...
Iran’s new leader
Updated 10 Mar, 2026

Iran’s new leader

The position is the most powerful in Iran, bringing together clerical authority and political and ideological leadership.
National priorities
10 Mar, 2026

National priorities

EVEN as the country faces heightened risks of attacks from actual terrorists, an anti-terrorism court in Rawalpindi...
Silenced march
10 Mar, 2026

Silenced march

ON the eve of International Women’s Day, Islamabad Police detained dozens of Aurat March activists who had ...