Today's date is 15.09.2022 and Ethereum Merge Complete, $195 Billion Cryptocurrency Begins New Era. The long-awaited revamp, which is known as “The Merge,” will reduce ethereum’s energy consumption by nearly 99.95%, according to the Ethereum Foundation.
Vitalik Buterin tweeted. Ether will no longer be minted by "proof-of-work" that uses powerful computers to solve cryptographic tasks. Instead, they'll be created using "proof-of-stake" methods that require users called validators to stake tokens for the chance to approve transactions and earn a small reward.
What was The Merge?
The Merge was the joining of the original execution layer of Ethereum (the Mainnet that has existed since genesis) with its new proof-of-stake consensus layer, the Beacon Chain. It eliminated the need for energy-intensive mining and instead enabled the the network to be secured using staked ETH. It was a truly exciting step in realizing the Ethereum vision—more scalability, security, and sustainability.
Difficulty and Hash Rate Now Decreased
$ETH difficulty and hashrate are now at 0
Graph-Source by CryptoQuant
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