Historic Day for Crypto as Ethereum Merge to Proof-of-Stake Occurs

The Ethereum Merge has officially taken place, marking the full transition of the network to proof-of-stake (PoS).

On Sept. 15 at 06:42:42 UTC at block 15,537,393, the long-awaited Merge saw the merging of the Ethereum mainnet execution layer and the Beacon Chain’s consensus layer at the Terminal Total Difficulty of 58,750,000,000,000,000,000,000, meaning the network will no longer rely on a proof-of-work (PoW) consensus mechanism.

Ether’s (ETH) price got a slight pump following the Merge in hourly metrics, currently trading at around $1,635, according to data from TradingView.

The Ethereum Foundation said the Merge will make the Ethereum network about 99.95% more energy efficient and will set the stage for future scaling solutions, including sharding.

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