The Ethereum Merge Celebrates Its First Anniversary Today
The Merge stands as a pivotal moment in the crypto world. It signifies the integration of the Ethereum mainnet with a distinct PoS blockchain known as the Beacon Chain.
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To put it simply, on September 15, 2022, Ethereum switched from the energy-intensive Proof-of-Work consensus mechanism to Proof-of-Stake.
For a more in-depth look at this event, check out our article.
In the wake of this transition, Ethereum's energy consumption plummeted by approximately 99.95%.
The Merge also conferred deflationary properties upon ETH.
In essence, the amount of ETH removed from circulation forever now exceeds the total ETH staking rewards issued to secure the network.
Since The Merge, over 300,000 ETH have been burned.
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