Ethereum Looks Set to Undergo The Merge in August

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The possible end to cryptocurrency mining on the latest and greatest GPUs seems to be looming, as Ethereum’s long-in-the-making move to Proof of Stake is poised to finally advance this Summer. Speaking at blockchain and Web3 event Permissionless, core Ethereum Developer Preston Van Loon said that code for The Merge is ready for deployment, with final testing currently underway for a tentative main release in August.

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Originally slated to occur in 2019, the Ethereum network’s Merge event marks the point at which the blockchain’s security and consensus mechanism switches from the current Proof of Work (PoW) model, in which miners use their GPUs to number-crunch transactions in the network, to the less hardware and energy-demanding Proof of Stake (PoS) design. That transition will mark the end of GPU mining on the Ethereum network, whose token value (around $2,000 at time of writing) makes it one of the most profitable coins to mine (by far) without the need for specialized equipment such as Intel’s Blockscale ASICs.

The Merge towards PoS should also allow Ethereum to claim higher energy efficiency compared to other PoW-based blockchains (such as Bitcoin) by reducing the overall energy requirements for system security and transaction processing by an estimated 99,95%.

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