Officially, the Ethereum blockchain migrated to the proof of stake (PoS consensus mechanism) as the "Merge" was completed at block height 15537391 on September 15. Vitalik Buterin, the protocol's cofounder, described The Merge to be "a huge moment for Ethereum ecosystem strong>
Predicted: ETH Merges on September 15, as ETH Merges
After months of tension and waiting, The Merge has occurred — the much-anticipated move to a proof–of-stake consensus mechanism for Ethereum's blockchain. The Merge took place on September 15, at 2:42:42 AM, as many in the space, including Vitalik Buterin, one of the protocol's founders, had hoped. ET.
Buterin's reaction to The Merge was this:
We are done! All of you, happy merging. This is a significant moment for Ethereum. Everyone involved in the merger should be proud of their contribution.
Data shows that the network's hashrate dropped from 807 TH/s (terahash/second) 24 hours prior to the event to under 750 TH/s just minutes later. The hash rate did not drop by 50% compared to the week prior to the migration.
Although Ethereum was no longer a proof of work (PoW), not all miners supported the decision to migrate. Bitcoin.com News reported that miners who oppose The Merge will continue to mine other assets, such as ETHW and PoW alternatives.
Coinmarketcap data shows that the USD price for the ETHWIOU surged briefly to $60 at the time of the merger, according to Coinmarketcap data. The price of the ETHW IOU had fallen to $43 at the time this article was written.
What are your thoughts about the Ethereum blockchain's migration towards a PoS consensus mechanism Please comment below to let us know your thoughts.
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By: Terence Zimwara
Title: Ethereum Blockchain Migrates to Proof of Stake After Completion of The Merge
Sourced From: news.bitcoin.com/ethereum-blockchain-migrates-to-proof-of-stake-after-completion-of-the-merge/
Published Date: Thu, 15 Sep 2022 08:50:56 +0000
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