Ethereum Blockchain Migrates to Proof of Stake After Completion of Merger – Featured Bitcoin News
The Ethereum blockchain officially migrated to the proof-of-stake (PoS) consensus mechanism when the expected “Merge” finally happened around block height 15537391 on September 15th. The protocol’s co-founder Vitalik Buterin has described The Merge as “a huge moment for the Ethereum ecosystem.”
ETH will merge on September 15th as predicted
After months of anticipation and excitement, The Merge – the Ethereum blockchain’s much-anticipated migration to a proof-of-stake (PoS) consensus mechanism – has happened. As some players in the space, including one of the protocol’s co-founders Vitalik Buterin had hoped, the merger took place on September 15 around block height 15537391 around 02:42:42 ET.
In his reaction after The Merge, Buterin tweeted:
And we finished! Glad to merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merger happen should feel very proud today.
As for the network’s hash rate, data shows that it dropped from over 807 TH/s (terahash per second) 24 hours earlier to just under 750 TH/s minutes after the incident. Compared to the week before the migration, the hash rate didn’t seem to have it fell by as much as 50% as predicted.
While Ethereum stopped being a proof-of-work (PoW) blockchain immediately after The Merge, not all miners agreed with the decision to migrate. As previously reported by Bitcoin.com News, miners opposed to The Merge are expected to continue mining other assets such as ETHW, as well as already established PoW alternatives.
According to Coinmarketcap data, around the time of the merger, the USD price of ETHW IOU briefly rose to just over $60. But at the time of writing, the price had dropped to $43.
What are your thoughts on the Ethereum blockchain’s migration to a PoS consensus mechanism? Let us know what you think in the comments section below.
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