Ethereum, the world’s popular and second largest cryptocurrency by market cap, recently underwent an upgrade, shifting from the original proof of work (PoW) to proof of stake (PoS). The shift to proof of stake was commonly referred to as “The Merge” and was reportedly expected to reduce energy efficiency by up to 99.95%.

The Merge resulted in numerous opinions from many deliberating the benefits of the proof of stake consensus mechanism. For this reason, Real Research, an online survey application, launched a survey on Ethereum’s Merge. Here are the survey results:


  • 50.8% have invested in cryptocurrency
  • 73.26% have invested in Ethereum
  • 30.52% feel that Ethereum’s Merge was highly effective

Number of Respondents Aware of The Merge

The survey on Ethereum’s Merge started with a poll on how many respondents are aware of Ethereum’s Merge. 51.25% responded that they are aware, whereas 25.86% are aware but do not know the details. However, 22.89% are not aware.

Fig 1: Respondents who plan to invest in cryptocurrency

The survey then asks if respondents have invested in cryptocurrency. A majority of 50.8% have invested in crypto, whereas 23.65% have not. However, 25.53% have not invested yet but plan to do it soon.

Number of Respondents Who Have Invested in Ethereum

The survey on Ethereum’s Merge then asked respondents how many have invested in Ethereum. In response, 73.26% have invested in Ethereum, while 26.72% have not.

Fig 2: Respondents invested in Ethereum

As such, the survey asked how long respondents have been investing in Ethereum; 43.01% have said less than 6 months, whereas 18.68% said 1-2 years, 6 months to 1 year (15.49%), 3-4 years (10.58%), 5-6 years (6.3%), and more than 6 years (5.94%).

As aforementioned, Ethereum’s Merge was expected to render several benefits, particularly increasing energy efficiency (up to 99.95%). Accordingly, the survey asked how Ethereum’s Merge is likely to affect the cryptocurrency’s price. In response, 33.08% said highly likely, 22.14% said likely, and 19.91% remained neutral. However, 12.72% said unlikely, and 12.15% said highly unlikely.

Read Also: 57.68% Think Gold Is a Better Investment Than Cryptocurrency

Proof of Stake (PoS) Vs. Proof of Work (PoW)

Ethereum’s Merge entailed that the consensus mechanism upgraded from proof of work (PoW) to proof of stake (PoS). With both having significant pros and cons, the survey asked respondents which one they preferred. 57.9% said proof-of-stake (PoS). Contrastingly, 41.45% prefer proof-of-work (PoW). 0.64% prefer none of them, rather prefer others.

Fig 3: Preferences between Proof of Stake and Proof of Work

Unlike what was initially expected, the Merge to PoS mechanism did not result in a price increase for Ethereum but rather in a price drop. Accordingly, the survey asks if, despite this, the respondents feel The Merge was effective. 30.52% said Ethereums’s Merge was highly effective, 21.13% said it was only effective, and 13.12% said it was ineffective. Lastly, 11.94% said the Merge was highly inefficient.

Also Read: 53.02% Learn To Manage Emotions Coping With Crypto Volatility

Lastly, the survey asks if respondents would invest in Ethereum once The Merge is complete. To this, 63.5% say they want to invest in Ethereum, whereas 36.5% do not want to.


Survey TitleSurvey on Ethereum’s Merge
DurationSeptember 26 – October 3, 2022
Number of Participants30,000
DemographicsMales and females, aged 21 to 99
Participating Countries Afghanistan, Algeria, Angola, Argentina, Armenia, Australia, Azerbaijan, Bahrain, Bangladesh, Belarus, Benin, Bolivia, Brazil, Brunei, Bulgaria, Burkina Faso, Cambodia, Cameroon, Canada, Chile, China, China (Hong Kong) China (Macao), China (Taiwan), Colombia, Costa Rica, Croatia, Czech Republic, Ecuador, Egypt, El Salvador, Ethiopia, Finland, France, Gambia, Georgia, Germany, Ghana, Greece, Greanada, Guatemala, Honduras, Hungary, India, Indonesia, Iraq, Ireland, Israel, Italy, Ivory Coast, Japan, Jordan, Kenya, Kuwait, Kyrgyzstan, Latvia, Lebanon, Libya, Lithuania, Malaysia, Maldives, Maluritania, Mexico, Moldova, Mongolia, Morocco, Mozambique, Myanmar [Burma], Namibia, Nepal, Nicaragua, Nigeria, Oman, Pakistan, Palestine, Panama, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Serbia, Sierra Leone, Singapore, Slovakia, South Africa, South Korea, Spain, Sri Lanka, Tanzania, Thailand, Togo, Tunisia, Turkey, Turkmenistan, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Uzbekistan, Venezuela, Vietnam, Yemen, Zimbabwe.