Explained: Ethereum set for mega ‘merger’ to become more energy efficient

Ethereum, the network behind the second-largest cryptocurrency by market cap (after Bitcoin), will move from a proof-of-work consensus mechanism to a proof-of-stake blockchain next month in a process called “the merge”. That will make Ethereum at least “99 per cent more energy efficient”.

The Ethereum Foundation has said that the Merge Blockchain upgrade is scheduled on September 6 and the upgrade will be fully completed between September 10 and 20.

“Following years of hard work, Ethereum’s proof-of-stake upgrade is finally here. The successful upgrade of all public testnets is now complete, and The Merge has been scheduled for the Ethereum mainnet,” the foundation said in a statement late on Wednesday.