Ethereum Blockchain Migrates to Proof of Stake After Completion of The Merge
The Ethereum blockchain migrated to the proof-of-stake (PoS) consensus mechanism as the anticipated Merge finally occurred around block height 15537391 on 15 September.
Ethereum co-founder Vitalik Buterin had hoped the merge occurred on 15th September around 2:42:42 AM as well he will express celebration on his twitter port.
And we finalized!— vitalik.eth (@VitalikButerin) September 15, 2022
Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
Ethereum hashrate, data shows that it decline from over 807 TH/s 24 hours earlier to just under 750 TH/s minutes after the event.
While Ethereum ceased to be a proof-of-work blockchain immediately after the merge. all miners went along with the decision to migrate.
At the time of Merge the USD price of the ETHW IOU briefly surged to just over $60, the price had dropped to $45.
Related: What is the Ethereum Merge? : All you need to know about Ethereum Merge 2.0