Ethereum merge

Ethereum is changing: moving from proof of work to proof of stake. But what does this mean to ordinary users? Here's what you need to know.

The move to proof of stake will add deflationary pressure to the cryptocurrency. Over time, it is possible that more ETH is burned than is issued on a yearly basis, but the merge alone will not make this happen. This combined with a drop in the issuance rate will add deflationary pressure to the cryptocurrency—but it won’t automatically make it deflationary. With proof of work, the total amount of miners are rewarded ~13,000 Ethereum per day. “You are giving your stake to someone else, who may decide to attack with that stake,” he said. Validators can be anyone with at least 32 ETH available to “stake,” or pledge, to the network. “ It is doable by anyone with a sufficiently good computer, electricity, and internet,” he said. “It hurts the network rather than helping, and the return on investment at the moment probably isn't worth it.” Right now, the cryptocurrency’s network uses the same consensus network as [Bitcoin](/resources/what-is-bitcoin-four-minute-instant-guide-explainer): proof of work. But this isn’t true—at least not yet, anyway, according to the Ethereum Foundation and experts who spoke to Decrypt. The long-awaited upgrade to the second biggest cryptocurrency by market cap is expected to take place tonight, based on [current estimates](https://ultrasound.money/). [proof of stake](https://decrypt.co/resources/proof-of-work-vs-proof-of-stake).

It's one of the biggest events in the history of crypto and blockchain and although there won't be any literal fireworks when the Ethereum blockchain moves ...

Bitcoin pioneered the proof of work model of establishing consensus across its distributed network. [The Merge](https://www.forbes.com/sites/seansteinsmith/2022/09/13/ethereums-paris-upgrade-starts-today-kicking-off-historical-final-merge-process/)” and it marks the moment that Ethereum moves from a system that requires the “validators” that keep the blockchain running to work through a computing problem to simply staking eth tokens as collateral for the privilege. [Ethereum blockchain](https://www.forbes.com/newsletters/forbescryptoassetadvisor/2022/09/14/ethereums-merge-is-happening-tonight/) moves from proof of work to proof of stake, true believers in eth are still celebrating around the world.

Ethereum, the second-largest blockchain behind bitcoin, is expected to begin a technical upgrade dubbed the "merge." Here are four things investors should ...

"The merge will definitely make Ethereum more secure," says Gorbunov. Due to that barrier, Gorbunov expects Ethereum to become a lot safer. [Ether](https://www.cnbc.com/quotes/ETH.CM=) is valued at about $1,600 per coin as of Sept. And as the supply of ether decreases, the value of individual coins could increase, which would be welcome news for investors. However, this model is expected to be much less energy intensive. Both are algorithms used to allow users to add new cryptocurrency transactions and keep a record of them on a blockchain network.

The Ethereum merge countdown is on — as the world approaches this vital event in the blockchain space, here's what investors need to know.

The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. “It’s possible that disgruntled miners will push for the continuation of a separate proof-of-work Ethereum that will run independently,” the firm explains in the document. Of course, the merge itself will also have to happen smoothly. Sotiriou told INN he expects the Ethereum merge to have a significant long-term impact on the entire blockchain market. Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. While that might sound dramatic, Tapscott said this type of action isn't uncommon in the blockchain market. Tapscott of Ninepoint Partners said if the Ethereum merge goes through without any hiccups, the carbon footprint of the entire network will decline by over 99 percent. However, he emphasized, the move is not a total leap of faith, but rather a change to a proven system. Many are now having to adjust to the demands of investors who want to put money into firms taking an ESG-focused approach. The Ethereum merge countdown is on. When we're talking about something of this magnitude, it has never been done before in the crypto space,” said Marcus Sotiriou, analyst at digital asset broker GlobalBlock (TSXV: Tapscott explained that a proof-of-stake network version of Ethereum has already been running for over a year.

It's slim pickings for equity investors looking to trade one of the biggest events in the crypto industry, but there are a few options, including Coinbase ...

[Goldman Sachs](https://www.coindesk.com/business/2022/09/08/crypto-exchange-coinbase-to-benefit-near-term-from-staking-revenues-after-ethereum-merger-goldman-says/) and [JPMorgan](https://www.coindesk.com/business/2022/08/17/coinbase-will-be-meaningful-beneficiary-of-ethereum-merge-jpmorgan-says/) analysts also saw the Merge as potential short-term positive catalyst for Coinbase. CoinDesk is an independent operating subsidiary of [Digital Currency Group](https://dcg.co/), which invests in [cryptocurrencies](https://dcg.co/#digital-assets-portfolio) and blockchain [startups](https://dcg.co/portfolio/). [potential impact](https://www.coindesk.com/tech/2022/08/17/tornado-cash-fallout-can-ethereum-be-censored/) of the U.S. [strict set of editorial policies](/ethics/). This might bring the debate over environmental, social and governance (ESG) aspects of PoW versus PoS to the forefront because it could allow some institutional investors, who were barred from buying tokens that run on PoW, to purchase ether for the first time, Bank of America analysts said in a [report](https://www.coindesk.com/markets/2022/09/12/bank-of-america-says-the-ethereum-blockchains-upgrade-may-lead-to-greater-institutional-adoption-of-ether/) this week. 18, that he prefers [not censoring](https://www.coindesk.com/business/2022/08/18/coinbase-ceo-suggests-exchange-wont-censor-transactions-on-pos-ethereum/) transactions to and from those addresses after the transition to proof-of-stake. Chipmakers such as Nvidia (NVDA) and Advanced Micro Devices (AMD) for the GPUs may also see knock-on effects resulting from the Merge. The company focuses on yield generation and providing infrastructure that supports the Ethereum ecosystem, according to its website. “Staking rewards continue to represent attractive revenue opportunities for long-term investors as they provide returns that are paid in kind,” investment bank Stifel Canada analyst Bill Papanastasiou said in an Aug. “At current [ether] ETH price/staked ETH we estimate COIN could generate $250MM revenue and $60MM contribution profit annualized,” said investment bank Cowen’s analysts led by Stephen Glagola in a Sept. Nevertheless, there are some potential plays in equity markets, crypto exchange Coinbase (COIN) among them, according to Wall Street analysts. “Many institutional investors are looking forward to [trading]

Ethereum's transition from Proof of Work to Proof of Stake was successfully completed just after 2:30 AM ET, or 5:30 AM GMT at block 15537391.

CoinDesk is an independent operating subsidiary of [Digital Currency Group](https://dcg.co/), which invests in [cryptocurrencies](https://dcg.co/#digital-assets-portfolio) and blockchain [startups](https://dcg.co/portfolio/). [strict set of editorial policies](/ethics/). [According to EtherNodes](https://www.ethernodes.org/merge), 88% of ether nodes were Merge ready and synched in the moments leading up to the event. [quoted on the Bankless podcast as saying](https://www.benzinga.com/markets/cryptocurrency/22/07/28238848/vitalik-buterin-the-merge-isnt-priced-in-yet)“not going to be priced in pretty much until after it happens” traders appeared to disagree. - Steep exchange inflow is usually a sign of traders preparing to sell, however, there isn’t a consensus yet. “But the fundamentals couldn’t be stronger.”

Ethereum, the most popular cryptocurrency platform, completed its much-anticipated switch to a more energy-efficient infrastructure.

That new chain, the Beacon Chain, was unveiled in December. A flaw in the Merge could imperil the broader crypto industry, upending start-ups and sending the market into a tailspin. The system is widely known as “mining” because the computers earn payments in cryptocurrency as rewards for the verification service. The process of shifting Ethereum to proof of stake required years of intense study and debate. The upgrade is expected to reduce Ethereum’s energy consumption and set the stage for future improvements that will make the platform easier and cheaper to use. It was a rare moment of joy in a grim year for crypto that saw a devastating market crash drain nearly $1 trillion from the industry, forcing some prominent crypto companies into bankruptcy.

Ethereum transitioned to proof of stake shortly after the network reached “terminal total difficulty” early Thursday.

[some](https://ethereum.org/en/upgrades/merge/) have analogized to changing the engine of a rocket ship mid-flight. The transition is anticipated to be faster, more scalable, and Up until the moment of the merge, ETH was generated by “mining,” an energy-intensive process by which individuals directed huge amounts of computer power at difficult-to-solve puzzles.

The upgrade, known in the industry as the “Merge”, which changes how new transactions are verified on the Ethereum blockchain, completed early Thursday, co- ...

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The blockchain network completed the crypto world's biggest and most ambitious software upgrade to date, according to its co-founder Vitalik Buterin in a ...

Like Bitcoin, Ethereum had been approving new transactions on the blockchain with a consensus mechanism called proof of work, whereby “miners” race to solve ...

One popular miner has said he’ll “hard fork](https://gizmodo.com/ether-proof-of-stake-merge-crypto-mining-1849502453)” the network, splitting off the code to preserve a [separate chain](https://fortune.com/2022/09/13/ethereum-miners-fork-merge/) (as [ some did](https://www.sofi.com/learn/content/ethereum-classic-etc-vs-eth/) in 2016 to preserve a previous incarnation of Ethereum). [legal investigations](https://tax.thomsonreuters.com/news/sec-enforcement-director-cites-more-intentional-shift-in-articulating-crypto-analysis/), [plummeting token prices](https://time.com/nextadvisor/investing/cryptocurrency/are-we-in-crypto-winter/), and public exhaustion with [celebrity endorsements](https://www.nytimes.com/2022/05/17/business/media/crypto-gwyneth-paltrow-matt-damon-reese-witherspoon.html) and hype cycles. Buterin has claimed that the Merge makes Ethereum’s network [more secure](https://coinjournal.net/news/the-ethereum-network-will-be-more-secure-after-the-merge-says-vitalik-buterin/), but some experts have suggested that the [opposite](https://cointelegraph.com/news/ethereum-merge-makes-network-more-vulnerable-to-attack-security-expert) is the [case](https://zycrypto.com/ethereum-merge-could-open-the-network-to-attacks-from-bad-actors-says-security-experts/), cautioning users to watch out for “ [replay attacks](https://twitter.com/MakerDAO/status/1567953179333066753)” where scammers can record a transaction on Ethereum’s old chain and repeat it without permission on the new one. In July, Buterin said he’d consider Ethereum only [55% “done” after the Merge](https://fortune.com/2022/07/21/vitalik-buterin-ethereum-merge-ethcc-paris/). The minimum amount you can stake to become a validator is 32 ether (ETH), which is worth about $51,000 as of Wednesday afternoon, although individuals can join together in a [staking pool ](https://ethereum.org/en/staking/pools/)to meet the requirement. Although the mechanism was intended to promote decentralization, in practice individuals or groups with access to significant computer power [have](https://www.technologyreview.com/2022/04/21/1049391/miss-out-crypto-revolution/) dominated proof-of-work mining and [reaped those benefits](https://www.coindesk.com/business/2022/02/16/morgan-stanley-says-ethereum-less-decentralized-ether-more-volatile-compared-to-bitcoin/). That move isn’t likely to have a large impact on the ecosystem unless the big platforms recognize it; [OpenSea](https://cointelegraph.com/news/opensea-says-marketplace-won-t-support-forked-nfts-post-merge), the largest marketplace for NFTs, has [claimed](https://support.opensea.io/hc/en-us/articles/9402429763219-How-will-I-be-impacted-by-the-Ethereum-merge-) it will only support proof-of-stake Ethereum. As of 2:43 ET this morning, Ethereum now uses proof of stake, a way to approve new transactions that [promises](https://ethereum.org/en/upgrades/merge) to cut the blockchain’s energy requirements by 99.9% and usher in a new era for the second-largest cryptocurrency. [been key to Ethereum’s vision](https://www.technologyreview.com/2018/12/13/138651/ethereum-thinks-it-can-change-the-world-its-running-out-of-time-to-prove-it/). Proof of stake, on the other hand, requires “validators” to put up a stake—a cache of ether tokens in this case—for a chance to be chosen to approve transactions and earn a small reward. It has also posed [scaling challenges](https://www.coindesk.com/business/2022/02/16/morgan-stanley-says-ethereum-less-decentralized-ether-more-volatile-compared-to-bitcoin/) for Ethereum: network congestion drove up fees and slowed down processing rates, making the network too expensive for smaller transactions and hard to scale for larger ones. [race to solve hard math problems using huge amounts of computing power and are rewarded for their efforts in crypto](https://www.technologyreview.com/2022/03/04/1046636/ethereum-blockchain-proof-of-stake/).

The long-awaited Ethereum Merge – the landmark protocol upgrade for the world's second largest cryptocurrency – completed at approximately 07:45 British ...

This is a big moment for the Ethereum ecosystem. Celsius (CEL) is back at it having doubled ita market cap in the past 24 hours. Both Terras – that is Terra LUNA and Terra Classic (LUNC) – continue to spiral to the floor with heavy double-digital losses once again. THE MERGE— beeple (@beeple) Happy merge all. Now officially a proof-of-stake (PoS) blockchain, Ethereum is over 99% more energy efficient and is on the road to significantly increasing its scalability and network speed.

Ethereum, the world's second most valuable cryptocurrency, has completed a massive software upgrade that its backers claim will slash its carbon footprint.

The merger moves ethereum to a mechanism called “proof-of-stake,” which is much more energy efficient. The world’s most valuable cryptocurrency, bitcoin, was down almost 1%, trading at $20,174, according to CoinDesk. blockchain called the Beacon Chain,” it added.

Popular cryptocurrency blockchain Ethereum has completed its long-awaited switch to proof-of-stake. That upgrade process, better known as 'The Merge', ...

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The decrease in energy consumption takes one criticism of NFTs off the table, which in turn could see Ethereum once again become the most used blockchain for ...

There are still fights ahead for NFTs, including looking at decoupling non-fungible tokens from the vagaries of market forces and for projects to break away from a focus on digital art – read my feature on Case in point, the first NFT created on the post-merge Ethereum is below. OpenSea is the largest NFT marketplace around and has also stated that post-merge it will now only support proof-of-stake NFTs, so your guaranteed all non-fungible tokens from now on are low-cost energy. What the Ethereum merge doesn't mean is cheaper gas fees – the cost you're charged to register an NFT on the blockchain. So what is the merge and why does it matter that Ethereum has changed from proof-of-work to proof-of-stake? The Ethereum merge has finally happened and it could be the single biggest change to how we create and use NFTs, ever.

At 6:42 A.M. Coordinated Universal Time (2:42 A.M. EDT), the Ethereum blockchain merged with a special-purpose decentralized ledger called the Beacon Chain, ...

The exact time is [yet to be announced.](https://twitter.com/EthereumPoW/status/1570323388358602752) [tweeted](https://twitter.com/EthereumPoW/status/1569428021437935617) on Sept. Miners are being replaced with validators, who pledge, or stake, ether tokens as collateral to verify transactions and accrue interest on the staked assets as a reward. Ethereum underpins the vast majority of Web3 applications such as decentralized finance protocols and non-fungible tokens (NFTs), as well as ether, the second-largest cryptocurrency with a $195 billion market value. The approach has drawn widespread criticism from crypto-skeptics and environmentalists because of its immense energy usage—Ethereum’s carbon footprint Since its inception, Ethereum has been based on the proof-of-work system for running a blockchain.

Miners shutting shop, centralisation concerns, downside risks… A lot is on the line for Ethereum.

the day ETH overtakes BTC’s market cap), but who knows, maybe The Surge will. This is a big moment for the Ethereum ecosystem. The Merge was the first in a series of rhyming upgrades, with more planned for the years ahead, including The Surge, The Verge, The Purge and The Splurge. We can get into the technicalities another time, but the main takeaway is that The Surge with usher in a new era of significantly faster and cheaper Ethereum transactions. Happy merge all. “The reality right now, is that the Merge has been overshadowed by developments in global markets, with crypto still trading more on risk sentiment and the outlook for Fed policy than anything else.”

Purpose Investments offers the Purpose Ether ETF, which has $229.4 million in assets under management. The upgrade saw Ethereum's main network (Ethereum Mainnet) ...

The Beacon Chain uses a “proof of stake” system of validators who authenticate transactions and add new blocks to the blockchain. The outgoing Mainnet used a “proof of work” system that required crypto miners to add digital currency to the blockchain. The change could also offer a more tangible opportunity for investors.

The historic upgrade casts aside the miners who had previously driven the blockchain, with promises of massive environmental benefits.

CoinDesk is an independent operating subsidiary of [Digital Currency Group](https://dcg.co/), which invests in [cryptocurrencies](https://dcg.co/#digital-assets-portfolio) and blockchain [startups](https://dcg.co/portfolio/). “Now the market is roughly 70/30 in favor of this being a positive event for ETH.” [replaced by new ones](https://www.coindesk.com/layer2/2022/04/20/is-ethereum-staking-pool-lidos-growth-an-omen-of-centralization/). In general, it is impossible to predict with certainty how the markets will react to a successful Merge. In crypto markets, the Merge had become an object of speculation since at least mid-July, with traders initially viewing the event as a catalyst for a steep rally in the price of ETH. After around 15 long minutes, the Merge officially [finalized](https://www.coindesk.com/tech/2022/09/14/monitoring-the-merge-what-a-successful-ethereum-upgrade-will-look-like/), meaning it could be declared a success. “Proof-of-work is a mechanism by which you take physical resources and you convert them into security for the network. Edgington pointed to the environmental impact of the Merge upgrade as the benefit he is personally the most excited about. “I like to think of it as kind of like the switch from gasoline to electric.” “I mean, it's kind of hard to defend ‘stickers for grownups’ that emit, by some estimates, a megaton of [carbon dioxide] a week.” From an energy costs perspective, it's like Finland suddenly shut off its power grid, according to [one estimate](https://digiconomist.net/ethereum-energy-consumption). “The metaphor that I use is this idea of switching out an engine from a running car,” said Justin Drake, a researcher at the non-profit Ethereum Foundation who spoke to CoinDesk before the Merge happened.

Two major news events could rock the crypto market this month. Here's what experts think, and why it matters for crypto investors.

[ethereum](https://time.com/nextadvisor/investing/cryptocurrency/price/ethereum-eth/) [merge](https://time.com/nextadvisor/investing/cryptocurrency/ethereum-merge-price-this-week/) took place on Thursday, completing one of the largest events in crypto to date. One thing’s for sure: If the last couple years have taught us anything, it’s that crypto prices are highly volatile and difficult to predict. “We believe bitcoin should ultimately be used as a proxy for direction in the broader crypto market,” Kruger said. The market is particularly volatile right now, as inflation numbers send crypto and stock prices tumbling ahead of another likely rate increase next week at the Fed meeting. [saw similar tumbling](https://time.com/nextadvisor/investing/latest-stock-market-news/) following the CPI release, and the crypto market has increasingly tracked the stock market in recent months. “Given how things have been correlating, and considering this latest inflation data, we expect more downside pressure in crypto as investors are forced to contend with the reality of higher for longer monetary policy that strains growth prospects and weighs on sentiment. The Fed is essentially attempting to cool down the economy in order to rein in rising prices. “There’s no doubt the CPI report has triggered a fallout in risk assets and crypto markets by extension,” said Joel Kruger, Market Strategist at LMAX Group, a financial technology firm headquartered in London that operates foreign currency and crypto exchanges. The ethereum merge has been highly anticipated in the crypto community, and it was finally completed in the wee hours of the morning on Thursday. The change could cut ethereum’s electricity expenditure by an estimated 99.95%, [according to the Ethereum Foundation](https://ethereum.org/en/upgrades/merge/#main-content). Among other concerns, unforeseen bugs in the blockchain could cause outages, which could lead to significant price drops. [Bitcoin’s](https://time.com/nextadvisor/investing/cryptocurrency/price/bitcoin-btc/) prices have gyrated similarly.

Bullish sentiment around the Ethereum merge might be wavering as the price of ETH drops sharply this morning.

The move is [not altogether unexpected](https://decrypt.co/107003/ethereum-traders-preparing-buy-sell-merge). [CoinGecko](https://www.coingecko.com/en/coins/ethereum), ETH is down almost 8% over the last 24 hours to a current price of $1,485. While many Ethereum proponents were in favor of the merge, some ecosystem participants were less thrilled. The hype around the merge appeared to be Today, the price of ETH plummeted below the $1,500 mark for the first time in more than a week. [remained largely flat](https://decrypt.co/109808/ethereum-price-struggles-flip-bullish-following-merge) after the overnight merge, hovering around the $1,600 mark with slight ebbs and flows.

Compared to Wednesday, the global crypto m-cap barely rose 0.1 per cent to $990.61 billion on Thursday, while volumes tumbled over 8 per cent in the last 24 ...

[Sensex](https://economictimes.indiatimes.com/indices/sensex_30_companies)and [Nifty](https://economictimes.indiatimes.com/indices/nifty_50_companies)Track [latest market news](https://economictimes.indiatimes.com/markets/stocks), [stock tips](https://economictimes.indiatimes.com/markets/stocks/recos)and [expert advice](https://economictimes.indiatimes.com/markets/expert-view)on [ETMarkets](https://economictimes.indiatimes.com/markets). [Coindesk](/topic/coindesk)report, traders of futures tracking the two tokens took on some $80 million in cumulative losses, with Ether futures seeing $67 million in liquidations. For fastest news alerts on financial markets, investment strategies and stocks alerts, [subscribe to our Telegram feeds](https://t.me/joinchat/J60pKE7SOStsj5sI8nDmHQ).) [Bitcoin](/news/bitcoin)fell about 1.17 per cent to $19,674 while the second-largest crypto by market cap, Ethereum, was trading with a cut of 0.68 per cent at $1590. [Byju’s Losses Swell to ₹4,588 Crore in FY21](/epaper/delhicapital/2022/sep/15/et-front/byjus-losses-swell-to-4588-crore-in-fy21/articleshow/94209658.cms) On the other hand, [Ethereum Classic](/topic/ethereum-classic)was up by over 4 per cent at $38.48 in a volatile session.

Ether was trading around the $1500 level as the Merge approaches in less than 12 hours. Bitcoin was back below $20000.

CoinDesk is an independent operating subsidiary of [Digital Currency Group](https://dcg.co/), which invests in [cryptocurrencies](https://dcg.co/#digital-assets-portfolio) and blockchain [startups](https://dcg.co/portfolio/). Oanda Senior Market Analyst Craig Erlam said in a note Wednesday that some suggest the Merge may have contributed to the rebound in ether's price. [strict set of editorial policies](/ethics/). And if all of a sudden there's a deluge of big companies [that] are building on this new platform, you might think that seems like a pretty good investment opportunity.” “Bitcoin's simplicity is maybe its biggest drawback because it can't be programmed to do lots of different things, but it's also the greatest asset, in my opinion,” Tapscott told CoinDesk in a video interview. “If you're a big company and you're planning on investing millions of dollars in Web3 opportunities, whatever those might be, you want to know that the technology you're building on is going to be consistent over time,” Tapscott said.

Ethereum's upcoming merge is one of the more anticipated cryptocurrency events this year, but what impact it has on bitcoin remains to be seen.

However, Ethereum has higher transaction volume (currently over [1 million daily transactions](https://etherscan.io/chart/tx)) compared with Bitcoin (approximately [270,000 daily transactions](https://www.blockchain.com/charts/n-transactions)). [Bitcoin currently has around 15,000 nodes](https://bitnodes.io/) (computers in a blockchain network) while [Ethereum has roughly 9,500 nodes](https://etherscan.io/nodetracker). For now, bitcoin is the largest digital currency by market value, and ether is undoubtedly a solid number two. XBTF is actively managed and holds bitcoin futures. After all, Ethereum’s switch to proof-of-stake has been on the network’s to-do list from inception,” As for ether’ in relation to bitcoin, most experts seem to agree that any resultant price movements will likely be transient.