Ethereum Merge Hits Graphics Card Makers - Top Crypto Updates

Ethereum Merge hits graphics card makers

Ethereum’s shift from proof-of-work to environment-friendly proof-of-stake (called ‘The Merge’) will result in sizeable dumping of graphic cards (GPUs). It will also hit manufacturers such as Nvidia and AMD. GPUs are no longer needed on a mass scale and will go for a significant discount, said experts. 

Crypto prices today: Bitcoin falls 8%, ETH crashes 11%

Bitcoin is currently trading at $18,447.87, a decline of 8.05% over the previous day. Ethereum is down sharply by 11.32% over the last 24 hours to $1,291.30. Solana fell 7.67% to $3.18, while Cardano is trading lower by 9.85% at $0.436. Polkadot (DOT) fell 10.9% to $6.15. The global crypto market cap stands at $902.16 billion, a 7.3% decline over the previous day.

Dogecoin now 2nd largest proof-of-work coin after Ethereum Merge

With the Ethereum merge completed (switching to a proof-of-stake system), Dogecoin is now the second largest proof-of-work coin after Bitcoin in terms of market capitalisation. Dogecoin is currently the tenth-largest crypto with a market cap of $7.95 billion.

DOGE is mined using proof of work. Miners use computers and a massive amount of energy to solve complex mathematical equations, validate transactions, and receive DOGE as a reward.

Yuga Labs hires Chief Gaming Officer for Web3 gaming push

Yuga Labs, the company behind the Bored Ape Yacht Club NFT collection, has hired Spencer Tucker as its first Chief Gaming Officer (CGO). Tucker will supervise the development of the firm’s Web3 gaming projects, starting with Yuga’s “Otherside” metaverse. Earlier this year, Otherside saw a massive surge of transactions and NFT land sales worth $561 million within 24 hours.

ECB picks Amazon, four others to pitch digital euro prototype

European Central Bank (ECB) has chosen Amazon, Spain's CaixaBank, France's Worldline SA, and Italy's Nexi SpA to develop a prototype for a digital euro. This exercise aims to test how well the technology behind a digital euro integrates with prototypes developed by companies. ECB is likely to be among the first advanced-economy central banks to issue a digital form of its currency.