Since it is shifting towards the green-focused proof-of-stake, Ethereum has a better chance to progress than Bitcoin, Dawn Fitzpatrick opined.
Fitzpatrick thinks the environmental impact will be an important feature in the future, and it could define which digital assets will pick up steam. Having that said, Ethereum has a chance to “gain more traction” than Bitcoin since it is on its way to shifting from the energy-intensive proof-of-work mining model to proof-of-stake.
The process, known as “The Merge,” is highly anticipated within the community as Vitalik Buterin’s blockchain brainchild will have a greener focus. Currently, Ethereum requires a significant amount of energy to power its supercomputers. According to some , it consumes approximately 112 terawatt-hours of electricity per year, more than what Pakistan or the Philippines use.the “The Merge” is likely to happen at the end of this summer or the beginning of autumn.Fitzpatrick touched upon blockchain technology, too, stating that companies in the space “have massive treasury accounts,” which creates a near-term vulnerability. At the same time, “blockchain technology is going to have some great applications,” the executive forecasted.
Soros Fund Management is a private investment management firm based in New York. Established in 1970 by George Soros, it is currently among the most profitable entities in the hedge fund industry. As of the end of 2021, it had over $7 billion under management.