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Shark Tank Mark Cuban Anticipates Ethereum Merger

Mark Cuban shows his support for Ethereum. The impending “merger” of Ethereum, a highly anticipated upgrade to the blockchain that would significantly reduce its ecological footprint, has the endorsement of billionaire Mark Cuban.

Cuban, a Shark Tank investor tells Fortune that he supports the merger. “I believe that the question of the use of energy is crucial.”

The ‘Shark Tank’ star has long been a prominent figure in Ethereum. To underscore its penchant for the Bitcoin rival, it even went so far as to refer to itself as a “maxi Ethereum” in November.

Shark Tank Mark Cuban Anticipates Ethereum 4 Merger

Mark Cuban awaits Ethereum merger

The merger, which is expected to take place on September 15, would change Ethereum’s consensus algorithm from proof-of-work to proof-of-stake. Proof-of-stake relies on a network of validators as opposed to proof-of-work, which uses power-hungry miners to create new blocks and validate transactions.

As a result, mining on Ethereum will essentially stop once the merger takes place, and its overall energy consumption is expected to drop by 99.9%.

Cuban said he views the move to proof-of-stake as favorable for this reason. He frequently referenced network applications and use cases as the motivation behind his support when talking about his fondness for Ethereum. He mainly talked about his interest in smart contracts, which are sets of computer code that execute a set of instructions on a blockchain.

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Shark Tank Mark Cuban Anticipates Ethereum 5 Merger

Ethereum Foundation Reveals Merger Date

The merger will take place in two phases, according to the Ethereum Foundation. The Bellatrix network update, which is scheduled to take place on September 6 at 11:34 a.m., is the first step. The Paris upgrade, which completes the transition from proof-of-work to proof-of-stake at the execution layer, will come closer to the network upgrade. On September 10 and 20, 2022 will take place in Paris.

Miners will effectively lose their jobs as the merger would replace mining with staking. Indeed, mining is an energy-intensive activity that uses a considerable amount of power and energy. PoS intends to reduce this power consumption by more than 99%.

The Dallas Mavericks owner, who once claimed that bananas were more useful than Bitcoin, later changed his mind. He now sees bitcoin as a form of direct rival to gold as a store of value.