From CNET: It's a ways off the $4,800 all-time high, but the ether cryptocurrency is showing signs of life after a long downward spiral that began in April. Following news that the long-awaited Ethereum Merge could happen in September, ether passed $1,400 on Sunday. It's the first time that ether, the second biggest cryptocurrency, has broken at $1,400 since June 13.
Ether has been hit particularly hard by the recession fears that have gripped the global economy. Since the new year dawned, it's lost 62% of its value -- worse than the 52% cut bitcoin has endured. Since ether forms the basis of the nonfungible token market, NFT values have plummeted with it.
At the time of writing, ether's value is up 26% compared to five days ago. The hike is being attributed to news that the Ethereum Merge, which will see the blockchain become nearly carbon neutral, is tentatively scheduled to be executed on Sept. 19. That date was penciled in during a recent conference call among ethereum developers, though it was noted that the date is subject to change.
The Ethereum Merge will see the blockchain transition from its current proof-of-work system to proof of stake. What does that crypto mumbo-jumbo mean? The short story is that the solving of cryptographic puzzles, which is the part that guzzles electricity, will no longer be part of the blockchain mining process. As a result, it's estimated that ethereum will see its carbon footprint drop by 99.65%.
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