Ethereum Blockchain Migrates to Proof of Stake After Completion of The Merge

Ethereum Blockchain Migrates to Proof of Stake After Completion of The Merge

The Ethereum blockchain officially migrated to the proof-of-stake (PoS) consensus mechanism as the anticipated “Merge” finally occurred around block height 15537391 on September 15. The protocol’s co-founder Vitalik Buterin has described The Merge as “a big moment for the Ethereum ecosystem.” ETH Merges on September 15 as Predicted

After months of waiting and tension, 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 Merge occurred on September 15 around block height 15537391 at around 2:42:42 a.m. ET.

In his reaction following The Merge, Buterin tweeted: And we finalized! Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.

In terms of the network’s hashrate, 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 event. Compared with the week before the migration, the hash rate appeared not to have plummeted by as much as 50% as predicted.

While Ethereum ceased to be a proof-of-work (PoW) blockchain immediately after The Merge, not all miners went along 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, at around the time of the merge, the USD price of the ETHW IOU briefly surged to just over $60. However, at the time of writing, the price had dropped to $43. Tags in this story ETH, ETH hashrate, ETH PoW Fork, ETH Vitalik Buterin, Ethereum Merge, Ethereum PoS

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. Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Twitter"s Shareholders Overwhelmingly Vote for Elon Musk to Take Over the Social Media Platform FEATURED | 9 hours ago ‘Why Isn"t Anyone Talking About This?’ — Twitter’s Crypto Spam Problem Increases With Legions of CZ Bots, Verified Vitalik Impersonators FEATURED | 13 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleReport: Financial Services Giant Old Mutual Appointed Manager of South African Stablecoin Project’s Cash Reserves Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItGoldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40%

The American economy continues to look gloomy and signals pointing toward a looming recession continue to appear. In a note sent to clients this week, Goldman Sachs’ chief economist said the bank envisions the “odds of a recession as roughly ... read more.Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether