ether ETH/USD has now officially transitioned to a Proof-of-Stake network.
What happened: Successfully completed the Ethereum blockchain the merging at the PoS on Thursday at 2:50 p.m. EDT.
And we’re done!
Happy merging. This is a big moment for the Ethereum ecosystem. Everyone who helped bring about the merger should be very proud today.
— vitalik.eth (@VitalikButerin) September 15, 2022
That #EthereumMerge is here.
Pandas are here!
After so many years, PoS is finally here.
I’m 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 #Ether 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 Ethereum mining.
See also: WHY IS THE ETHERUM MERGER IMPORTANT?
The merge occurred at a block height of 15537393 when the required level of overall terminal difficulty was reached.
The move to Proof-of-Stake means the network will be significantly more energy efficient than it was in its Proof-of-Work era. The Ethereum Foundation estimates that the switch will result in a 99.95% reduction in energy consumption.
“The merger will reduce global electricity consumption by 0.2%” – @drakefjustin
— vitalik.eth (@VitalikButerin) September 15, 2022
Price promotion: At press time, ETH is trading at $1,607, down 0.67% over the past 24 hours, according to data from Gasoline Pro.
