Billionaire investor and Dallas Mavericks owner Mark Cuban declared himself a fan of the Merge — an important network upgrade for Ethereum ETH/USD that would change its consensus mechanism forever.
What Happened: “I think the energy usage issue is important,” Cuban said in a recent interview with Fortune.
The Ethereum Foundation expects the Merge to reach finality around 12 minutes after the “Paris” upgrade is triggered between Sept. 10 and Sept. 20. After this, proof-of-work mining would officially come to an end and immediately reduce the network’s energy consumption by 99.95%.
See Also: HOW TO BUY ETHEREUM (ETH)
Cuban said that the reduced energy use by the blockchain is one of the key reasons why he is “super bullish” on Ethereum and the Merge.
“But it’s long term. I don’t [know] if and when it goes up,” he said.
The Shark Tank investor has been an advocate for energy-efficient blockchains and on-chain climate solutions with smart contract infrastructure.
In November, Cuban revealed that he buys $50,000 in carbon offsets every 10 days and puts them on the blockchain as Base Carbon Tonnes BCT/USD.
BCT is a reference token that represents one tonne of carbon from the carbon credit issuer Verra’s Verified Carbon Unit registry from 2008 or later.
Price Action: At press time, ETH was trading at $1,706, up 4.31% over the last 24 hours, as per data from Benzinga Pro.
Photo by Gage Skidmore on Flickr
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
