Ethereum (CRYPTO: ETH) has now officially transitioned to a proof-of-stake network.
What Happened: The Ethereum blockchain successfully completed the Merge to PoS on Thursday at 2:50 a.m. EDT.
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.
— vitalik.eth (@VitalikButerin) September 15, 2022
The #EthereumMerge is here.
Pandas are here!
Finally after so many years PoS is here.
I am not crying … you are… pic.twitter.com/kzu7icFvDA
— Lefteris Karapetsas | Hiring for @rotkiapp (@LefterisJP) September 15, 2022
The first Proof of Stake block on Ethereum. #ethereummerge #Ethereum pic.twitter.com/YG5B43AuaP
— imaaron.eth | bitcoinbear.eth (@imaarondoteth) September 15, 2022
The highly anticipated event marks the biggest shift in the blockchain industry and the end of mining Ethereum.
See Also: WHY IS THE ETHEREUM MERGE IMPORTANT?
The Merge took place at a block height of 15537393 when the required level of Total Terminal Difficulty was reached.
The transition to Proof-of-Stake means the network will be significantly more energy efficient than it was during its proof-of-work era. The Ethereum Foundation estimates that the shift will bring about a 99.95% reduction in its energy consumption.
“The merge will reduce worldwide electricity consumption by 0.2%” – @drakefjustin
— vitalik.eth (@VitalikButerin) September 15, 2022
Price Action: At press time, ETH was trading at $1,607, down 0.67% over the last 24 hours, as per data from Benzinga Pro.
