While the change may not mean much to ethereum users and traders, what’s changing under the hood is a very big deal.
’s transition to PoS also says that the consensus mechanism provides “lower barriers to entry” because of “reduced hardware requirements” and “there is no need for elite hardware to stand a chance of creating new blocks.”
Ethereum’s proof-of-work miners, the ones with ASICs and GPUs, will need to mine another crypto asset that leverages the Ethash algorithm and there are a few that exist today. Miners can choose from mining ethereum classic, ravencoin, ergo, beam, and possibly a new PoW Ethereum fork that is created amid The Merge transition. A few days ago, on August 20, 2022, Ethereum Classic’s hashrate reached an all-time high.
Presently, Ethereum runs a PoS chain called the Beacon chain that runs parallel with the PoW blockchain network. Developers have safely docked The Merge with all three major testnets — Ropsten, Sepolia, and Goerli — and approximately nine shadow forks have been executed. The Merge will be executed on Ethereum’s main network on or around September 15, 2022, or when the total difficulty reaches 58750000000000000000000.
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