The Ethereum blockchain has officially migrated to the Proof-of-Stake (PoS) consensus mechanism as the intended “merger” finally occurred around block height 15537391 on September 15. Protocol co-founder Vitalik Buterin described the merger as “a great moment for the Ethereum ecosystem.
ETH Merges September 15 as planned
After months of anticipation and tension, The Merge – the much anticipated migration of the Ethereum blockchain to a Proof of Stake (PoS) consensus mechanism – has taken place. As some space players, including one of the protocol’s co-founders, Vitalik Buterin, had hoped, the merge happened on September 15 at block height 15537391 at around 2:42:42 a.m. ET.
In his reaction to The Merge, Buterin tweeted:
And we are done! Happy merging everyone. This is a great moment for the Ethereum ecosystem. Everyone who helped make the merger happen should be very proud today.
In terms of network hashrate, the data shows that it went from over 807 TH/s (terahash per second) 24 hours earlier to just under 750 TH/s minutes after the event. Compared to the week before the migration, the hash rate seems not to have dropped 50% as predicted.
While Ethereum ceased to be a proof-of-work (PoW) blockchain immediately after The Merge, not all miners accepted the decision to migrate. As previously reported by Bitcoin.com News, miners opposed to The Merge should continue to mine other assets such as ETHWas well as already established PoWs alternatives.
According to data from Coinmarketcap, around the time of the merger, the USD price of ETHW IOU briefly jumped to just over $60. However, at the time of writing, the price has dropped to $43.
What are your thoughts on migrating the Ethereum blockchain to a PoS consensus mechanism? Let us know what you think in the comments section below.
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