Ethereum ETH/USD has now officially transitioned to a proof-of-stake network.
What Happened: The Ethereum blockchain successfully completed the Merge to PoS on Thursday at 2:50 a.m. EDT.
The highly anticipated event marks the biggest shift in the blockchain industry and the end of mining Ethereum.
See Also: WHY IS THE ETHEREUM MERGE IMPORTANT?
The Merge took place at a block height of 15537393 when the required level of Total Terminal Difficulty was reached.
The transition to Proof-of-Stake means the network will be significantly more energy efficient than it was during its proof-of-work era. The Ethereum Foundation estimates that the shift will bring about a 99.95% reduction in its energy consumption.
Price Action: At press time, ETH was trading at $1,607, down 0.67% over the last 24 hours, as per data from Benzinga Pro.
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