Ethereum’s move to a 100% proof-of-stake model has been delayed, buying cryptocurrency mining operations longer until the transition.
Ethereum Merge is the fun name the company uses for transitioning its proof-of-work (PoW) network to proof-of-stake (PoS). The reason this is such a big deal is that PoW currently involves high energy costs that power huge crypto mining operations that run around the clock, which have also overwhelmed the entire GPU inventory in recent years.
The two largest cryptocurrencies, bitcoin and ethereum, currently employ proof-of-work to manage transactions on their respective blockchains.
The final phase of ethereum 2.0 will be powered by proof-of-stake which uses “validators” to select blocks on the ethereum blockchain by “staking” ether. As their ether is used, just like miners in trials of work, they are rewarded for participating. Basically, they need to buy tokens to earn blocks in the proof-of-stake model.
The big draw for PoS is that ethereum claims it is 99% greener than PoW and easier to scale, which in theory would eliminate the need for massive cryptocurrency mining operations that have become big business, especially in rural areas from the USA.
It won’t be June, but probably in the next few months. No date yet, but we are definitely in the final chapter of PoW on EthereumApril 12, 2022
Whether fusion is a good thing for ethereum, only time will tell, as larger scale proof-of-stake is actually faster and safer than the traditional mining method, which would become obsolete and objectively better for the environment. .