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The highly anticipated transition of popular cryptocurrency blockchain Ethereum to proof-of-stake has been successfully completed. Referred to as "The Merge," this upgrade process has been years in the making. The Ethereum Foundation reports that this transition reduces the energy consumption of Ethereum by an impressive 99.95%. Previously reliant on proof-of-work, Ethereum now operates on a proof-of-stake mechanism, eliminating the need for mining and relying on staked ETH and validators to secure the network. The completion of the Total Terminal Difficulty (TTD) value triggered the Paris upgrade, marking a significant milestone in Ethereum's evolution.
Tuesday, 13 September, 2022