Today is the historic day for crypto and the second largest cryptocurrency, the Ethereum. The Merge has successfully taken place as of September 15th, 2022, at 08:42:42 GMT+2 at a Block #15.537.393, marking the full transition of the network from Proof-of-Work (PoW) to Proof-of-Stake (PoS), which will cut energy consumption by about 99.95% compared to the PoW consensus mechanism.
The Merge saw the merging of the Ethereum mainnet execution layer and the Beacon Chain’s consensus layer at the Terminal Total Difficulty of 58750000000000000000000, meaning the network will no longer rely on a PoW system.
Anticipation of the Merge has supported the price of Ether, which has risen about 75% since June 2022. The price remained flat at the Merge event and at the time of writing was trading at $1.596.
