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ARTICLE · 15 AUGUST 2022

The Merge Is Upon Us: What It Means For Ethereum

Proskauer Rose LLP
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As of this writing, the Ethereum "Merge," one of the most anticipated events in blockchain history, is finally expected to occur in September 2022. The "Merge" will shift the Ethereum blockchain...

United StatesTechnology
Jason Finger
Jason Finger
Wai L. Choy
Wai L. Choy
Jeffrey Neuburger
Jeffrey Neuburger
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As of this writing, the Ethereum "Merge," one of the most anticipated events in blockchain history, is finally expected to occur in September 2022. The "Merge" will shift the Ethereum blockchain (native token ETH, or ether) from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) consensus mechanism that uses over 99.9% less energy. Technically, the Merge involves transitioning the current Ethereum proof-of-work Mainnet protocol (the blockchain used for ETH-based transactions) to the Beacon Chain proof-of-stake network. As a result, transactions will be conducted on the new proof-of-stake network and new ETH tokens will be minted by nodes on the network staking a fair amount of ether tokens into a pool to secure the network and validate transactions. Post-Merge, the practice of ether cryptomining on the Ethereum 2.0 network will end, either forcing miners to pivot to mining on Ethereum Classic or find a new endeavor.

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