The “Merge” is an upgrade that eliminates mining and dramatically reduces the energy consumption of the world’s second-biggest cryptocurrency. The switch was highly anticipated, but a botched transition could have caused chaos. Today’s action “completed the transition to proof-of-stake consensus” and reduces energy consumption by 99.95 percent. The change should be seamless for people who hold ether; funds will still be accessible without user action. The ether price was down almost 9 percent today as of this writing; bitcoin had dropped about 2.4 percent.Read Long Article
