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Ethereum Merge Goes Live. Here's Why It's Such a Big Deal

Thu, 09/15/2022 - 06:58
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Alex Dovbnya
Ethereum has finally switched to proof-of-stake, which is a major milestone for the entire industry
Ethereum Merge Goes Live. Here's Why It's Such a Big Deal
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The Merge, the most significant Ethereum upgrade, has been completed after years of postponements. 

The first Ethereum proof-of-stake block has been proposed, marking a new era for the second-largest blockchain. 

"We're good. It's done. We Merged," Tim Beiko, one of the most prominent figures at the Ethereum Foundation, tweeted.  

Ethereum co-founder Vitalik Buterin says anyone who helped to make the Merge happen "should feel very proud," adding that it is a "big moment" for the entire ecosystem.   

Gnosis Limited CEO Martin Köppelmann has noted that block production has been extremely stable after the Merge. "This is really the best-case scenario!" he added.     

The ETH price spiked roughly 3% within an hour following after the Merge was implemented without a hitch.   

A major victory 

Ethereum, the blockchain at the core of decentralized finance and NFTs, has been routinely criticized for consuming too much energy. 

According to Ethereum researcher Justin Drake, the Merge will reduce worldwide electricity consumption by 0.2%. 

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After purging miners from the network and replacing them with stakes, Ethereum's difficulty and hashrate now stand at zero, according to data provided by CryptoQuant. 

Vitalik
Image by @cryptoquant_com

Input Output CEO Charles Hoskinson described the merge as “a testimony” to scientific progress. He added that the successful implementation of the Merge blockchain is a victory for the entire industry, not just the Ethereum blockchain.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.