The cryptocurrency market has enormous potential, which is the reason why so many people strive to become investors and traders. Due to the high volatility of crypto rates, it is possible to generate income in the long and short term using different trading strategies and tools available on crypto exchanges.
Bitcoin and Ethereum are market leaders in terms of cryptocurrency prices live, market capitalization, and trade volume. Both were initially built in the Proof-of-Work consensus protocol, which means to receive one coin, high technological equipment is needed. Expensive and powerful computers generate every new block in a blockchain, consuming energy and requiring constant maintenance. However, mining is becoming more and more difficult lately. Miners spend more time acquiring powerful computers, supporting their normal work, and wasting enormous sums for electricity.
There is another way to receive digital assets – staking. And the Ethereum crypto has recently transitioned to this consensus protocol. Let’s take a look.
What Happened with Ethereum crypto?
The Ethereum network is actively used for smart contracts deployment. One time, the blockchain became overloaded with programs deployed on it, so it started to perform slower and charge higher commissions. In autumn 2022, the network was switched to the Proof-of-Stake consensus protocol, which means:
- There is no need to mine coins anymore since they are received through staking
- Staking is much faster and cheaper
- Energy consumption decreased by 99.992
- Much bigger throughput.
After the Ethereum network’s merge, it is quite possible that the Ethereum crypto price will increase, for many more crypto projects will strive to deploy their products on the top of this network since it is now much cheaper and faster.
You can buy and stake ETH coins on the WhiteBIT crypto exchange. This platform offers several staking programs and attractive bonuses. To learn more about Smart staking plans on WhiteBIT, go to its official website and the WhiteBIT blog.
