Ethereum Merge

Ethereum is changing: moving from proof of work to proof of stake. But what does this mean to ordinary users? Here's what you need to know.

The move to proof of stake will add deflationary pressure to the cryptocurrency. Over time, it is possible that more ETH is burned than is issued on a yearly basis, but the merge alone will not make this happen. This combined with a drop in the issuance rate will add deflationary pressure to the cryptocurrency—but it won’t automatically make it deflationary. With proof of work, the total amount of miners are rewarded ~13,000 Ethereum per day. “You are giving your stake to someone else, who may decide to attack with that stake,” he said. Validators can be anyone with at least 32 ETH available to “stake,” or pledge, to the network. “ It is doable by anyone with a sufficiently good computer, electricity, and internet,” he said. “It hurts the network rather than helping, and the return on investment at the moment probably isn't worth it.” Right now, the cryptocurrency’s network uses the same consensus network as [Bitcoin](/resources/what-is-bitcoin-four-minute-instant-guide-explainer): proof of work. But this isn’t true—at least not yet, anyway, according to the Ethereum Foundation and experts who spoke to Decrypt. The long-awaited upgrade to the second biggest cryptocurrency by market cap is expected to take place tonight, based on [current estimates](https://ultrasound.money/). [proof of stake](https://decrypt.co/resources/proof-of-work-vs-proof-of-stake).

Circle, the issuer of USDC — the largest dollar-backed stablecoin issued on Ethereum blockchain with a market capitalization of more than $45 billion — ...

When Ethereum Classic and Ethereum went through a hard fork — a foundational event that triggers a crypto protocol to splinter into two or more blockchains — in 2016, developers for both parties were reluctant to alter their respective identification mechanisms. DeFi projects employing USDC for collateral, as such, ought to have virtually zero value on the PoW chain. “With its staking yields, it will generate an infinitely scalable, long-term source of revenue for digital asset institutions, lenders and exchanges.” “Uniswap doesn’t require oracles,” Aggarwal said. “The exact time will be announced 1 hour before launch with a countdown timer and everything including final code, binaries, config files, nodes info, RPC, explorer, etc. [preparing to fork](https://twitter.com/EthereumPoW/status/1569427804764405761) the protocol recently [tweeted](https://twitter.com/EthereumPoW/status/1569428021437935617?s=20) “ETHW mainnet will happen within 24 hours after the Merge.”

It's one of the biggest events in the history of crypto and blockchain and although there won't be any literal fireworks when the Ethereum blockchain moves ...

Bitcoin pioneered the proof of work model of establishing consensus across its distributed network. [The Merge](https://www.forbes.com/sites/seansteinsmith/2022/09/13/ethereums-paris-upgrade-starts-today-kicking-off-historical-final-merge-process/)” and it marks the moment that Ethereum moves from a system that requires the “validators” that keep the blockchain running to work through a computing problem to simply staking eth tokens as collateral for the privilege. [Ethereum blockchain](https://www.forbes.com/newsletters/forbescryptoassetadvisor/2022/09/14/ethereums-merge-is-happening-tonight/) moves from proof of work to proof of stake, true believers in eth are still celebrating around the world.

Crypto Firms Prepare to Pause Activity During Ethereum 'Merge' · Exchanges, apps to disable many Ethereum-related functions · Ether-related lending is impacted on ...

Could one of the most significant events in cryptocurrency history see ETH flip Bitcoin as it becomes 99% more energy efficient?

“In the long-term however, the Merge will undoubtedly have a positive effect on Ethereum… I would not be surprised to see a price drop in the second half of September. “Traders are seemingly exercising one of the oldest tricks in the book: ‘buy the rumour, sell the fact’. “ETH will almost certainly be at $3,000 by the end of the year. “The Merger is a positive step for the Ethereum ecosystem which may have a positive impact on DeFi too. “In the meantime, Ethereum is growing into its title as the world’s computer with aplomb. “Currently, though, that poses a threat Vitalik needs to worry too much about. “Firstly, stakers will be unable to withdraw their staked ETH until the Shanghai network upgrade, which is set to take place in mid-2023. ETH will be issued in tranches, not all at once, so it will seep back into the markets instead of flooding them. Certainly right now, mining ETH is much more profitable in US dollar terms than mining bitcoin. “As such, while main markets remain depressed, bitcoin has almost no momentum to go higher. Users able to stake 32 ETH are eligible and are assigned to produce blocks at random.

Ethereum transitioned to proof of stake shortly after the network reached “terminal total difficulty” early Thursday.

[some](https://ethereum.org/en/upgrades/merge/) have analogized to changing the engine of a rocket ship mid-flight. The transition is anticipated to be faster, more scalable, and Up until the moment of the merge, ETH was generated by “mining,” an energy-intensive process by which individuals directed huge amounts of computer power at difficult-to-solve puzzles.

Ethereum's transition from Proof of Work to Proof of Stake was successfully completed just after 2:30 AM ET, or 5:30 AM GMT at block 15537391.

CoinDesk is an independent operating subsidiary of [Digital Currency Group](https://dcg.co/), which invests in [cryptocurrencies](https://dcg.co/#digital-assets-portfolio) and blockchain [startups](https://dcg.co/portfolio/). [strict set of editorial policies](/ethics/). [According to EtherNodes](https://www.ethernodes.org/merge), 88% of ether nodes were Merge ready and synched in the moments leading up to the event. [quoted on the Bankless podcast as saying](https://www.benzinga.com/markets/cryptocurrency/22/07/28238848/vitalik-buterin-the-merge-isnt-priced-in-yet)“not going to be priced in pretty much until after it happens” traders appeared to disagree. - Steep exchange inflow is usually a sign of traders preparing to sell, however, there isn’t a consensus yet. “But the fundamentals couldn’t be stronger.”

Ethereum, the most popular cryptocurrency platform, completed its much-anticipated switch to a more energy-efficient infrastructure.

That new chain, the Beacon Chain, was unveiled in December. A flaw in the Merge could imperil the broader crypto industry, upending start-ups and sending the market into a tailspin. The system is widely known as “mining” because the computers earn payments in cryptocurrency as rewards for the verification service. The process of shifting Ethereum to proof of stake required years of intense study and debate. The upgrade is expected to reduce Ethereum’s energy consumption and set the stage for future improvements that will make the platform easier and cheaper to use. It was a rare moment of joy in a grim year for crypto that saw a devastating market crash drain nearly $1 trillion from the industry, forcing some prominent crypto companies into bankruptcy.

The upgrade, known in the industry as the “Merge”, which changes how new transactions are verified on the Ethereum blockchain, completed early Thursday, co- ...

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The blockchain network completed the crypto world's biggest and most ambitious software upgrade to date, according to its co-founder Vitalik Buterin in a ...

At 7.45am BST on Thursday, Ethereum completed what has been dubbed 'The Merge'. In doing so, the energy consumption of the world's second largest cryptocurrency ...

All are aimed at making Ethereum’s new proof-of-stake blockchain more scalable and secure. [Terms of use,](https://www.independent.co.uk/service/user-policies-a6184151.html) [Cookie policy](https://www.independent.co.uk/service/cookie-policy-a6184186.html) and [Privacy notice.](https://www.independent.co.uk/service/privacy-policy-a6184181.html) [Ethereum](/topic/ethereum) completed what has been dubbed ‘The Merge’. Now that this is happening, we will see more institutional adoption where Financial Services turn to decentralised infrastructure. [Privacy policy](https://policies.google.com/privacy?hl=en) and [Terms of service](https://policies.google.com/terms?hl=en) apply. “A smaller carbon footprint has long been an industry goalpost... In the hours leading up to the switch, the price of Ethereum (ETH) remained steady as major exchanges temporarily suspended deposits and withdrawals of the cryptocurrency.

Ethereum Merge, the much-awaited event in the history of the world's second-largest cryptocurrency, went live on 15 September 2022.

At its core, this is the main reason for transitioning from proof-of-work (PoW) to proof-of-stake (PoS).” The Ethereum Foundation estimates energy usage will drop from around 112 terawatt-hours per year to just 0.1,” he added. According to Etherscan, a block explorer and analytics platform for ETH, more than 13.71 million coins have been staked under the deposit contract of ETH 2.0. As the Ethereum ecosystem has grown, scaling solutions have been called upon to keep dapps fast and cheap to use in terms of the transaction or ‘gas’ costs. This is a big moment for the Ethereum ecosystem. Ethereum Merge, the much-awaited event in the history of the world’s second-largest cryptocurrency, went live on 15 September 2022.

The new system will use 99.95% less energy, according to the Ethereum Foundation. The upgrade, which changes how transactions occur and how ether tokens are ...

Bitcoin’s share has dropped to 39.1% from this year’s peak of 47.5% in mid-June. The upgrade, which changes how transactions occur and how ether tokens are created, could give Ethereum a major advantage as it seeks to surpass rival blockchain Bitcoin. Overall, however, cryptocurrencies have suffered this year, with bitcoin and ether both down by around 55%. Ether has gained about 85% from its June lows, outperforming larger rival bitcoin’s 15% gain. [come under fire from environmentalists](https://metro.co.uk/2022/09/09/cryptocurrency-cash-grab-as-meme-coins-capitalise-on-queens-death-17336968/) and some investors. [crypto industry](https://metro.co.uk/2022/09/09/cryptocurrency-cash-grab-as-meme-coins-capitalise-on-queens-death-17336968/).

Before The Merge, the world's second-largest cryptocurrency had similar energy demands to the Netherlands.

Following Ethereum’s Merge, the total energy expenditure for securing the cryptocurrency is now close to 0.01 TWh/yr. [Terms of use,](https://www.independent.co.uk/service/user-policies-a6184151.html) [Cookie policy](https://www.independent.co.uk/service/cookie-policy-a6184186.html) and [Privacy notice.](https://www.independent.co.uk/service/privacy-policy-a6184181.html) [cryptocurrency](/topic/cryptocurrency) switched to a “green blockchain”, according to developers. [Privacy policy](https://policies.google.com/privacy?hl=en) and [Terms of service](https://policies.google.com/terms?hl=en) apply. [Ethereum](/topic/ethereum) completed a long-awaited transition to a proof-of-stake (PoS) system in an event known as The Merge on Thursday. [the most momentous events in the history of the industry](https://www.independent.co.uk/tech/ethereum-merge-crypto-energy-environment-b2167637.html). [bitcoin](/topic/bitcoin) that required vast amounts of computing power to secure transactions and generate new units of the cryptocurrency.

The Merge will change how new transactions are verified on the Ethereum blockchain, reducing its energy consumption by around 99.95 per cent.

The Merge does come with risks. Cryptocurrencies impact on the environment has long been one of its biggest downfalls. A proof of stake system sees people and corporations stake their own coins as collateral against their work verifying transactions, meaning they lose their coins if they make a mistake. This process can be done with regular computers, making it far more energy efficient. It requires extremely expensive and powerful computers verifying transactions on the blockchain by solving complex mathematical puzzles. People are rewarded for verifying transactions with tokens of their own.

The second biggest blockchain has changed the way it validates transactions on its decentralised ledger.

The original cryptocurrency, which still accounts for about a third of the value of the entire sector, is unlikely to ever switch away from proof of work. The underlying aim of ethereum has always been to operate as a “world computer”, letting users write programs that can be run “on the blockchain”. That is the innovation that allowed creations like smart contracts, NFTs and decentralised finance to be built but it is also a very inefficient way to run programs compared with conventional “centralised” approaches. Attacking the network as a whole is still expensive, but only because an attacker would have to buy more ethereum than the rest of the stakers combined. Until Thursday, ethereum used a system called “proof of work” to determine the validity of transactions on its blockchain and ensure everyone in the community had consensus about who owned what cryptocurrency. That successfully made the system very expensive to attack, since any malicious miner would have to buy more energy and chips than the entire rest of the network combined – but also made it incredibly wasteful.

The decrease in energy consumption takes one criticism of NFTs off the table, which in turn could see Ethereum once again become the most used blockchain for ...

There are still fights ahead for NFTs, including looking at decoupling non-fungible tokens from the vagaries of market forces and for projects to break away from a focus on digital art – read my feature on Case in point, the first NFT created on the post-merge Ethereum is below. OpenSea is the largest NFT marketplace around and has also stated that post-merge it will now only support proof-of-stake NFTs, so your guaranteed all non-fungible tokens from now on are low-cost energy. What the Ethereum merge doesn't mean is cheaper gas fees – the cost you're charged to register an NFT on the blockchain. So what is the merge and why does it matter that Ethereum has changed from proof-of-work to proof-of-stake? The Ethereum merge has finally happened and it could be the single biggest change to how we create and use NFTs, ever.

Ethereum, the world's second most valuable cryptocurrency, has completed a massive software upgrade that its backers claim will slash its carbon footprint.

The merger moves ethereum to a mechanism called “proof-of-stake,” which is much more energy efficient. The world’s most valuable cryptocurrency, bitcoin, was down almost 1%, trading at $20,174, according to CoinDesk. blockchain called the Beacon Chain,” it added.

At 6:42 A.M. Coordinated Universal Time (2:42 A.M. EDT), the Ethereum blockchain merged with a special-purpose decentralized ledger called the Beacon Chain, ...

The exact time is [yet to be announced.](https://twitter.com/EthereumPoW/status/1570323388358602752) [tweeted](https://twitter.com/EthereumPoW/status/1569428021437935617) on Sept. Miners are being replaced with validators, who pledge, or stake, ether tokens as collateral to verify transactions and accrue interest on the staked assets as a reward. Ethereum underpins the vast majority of Web3 applications such as decentralized finance protocols and non-fungible tokens (NFTs), as well as ether, the second-largest cryptocurrency with a $195 billion market value. The approach has drawn widespread criticism from crypto-skeptics and environmentalists because of its immense energy usage—Ethereum’s carbon footprint Since its inception, Ethereum has been based on the proof-of-work system for running a blockchain.

The move will transition the Ethereum blockchain from proof-of-work to proof-of-stake, which is less energy intensive.

The Ethereum... The move will transition the Ethereum blockchain from proof-of-work to proof-of-stake, which is less energy intensive. The move will transition the Ethereum blockchain from proof-of-work to proof-of-stake, which is less energy intensive

Two major news events could rock the crypto market this month. Here's what experts think, and why it matters for crypto investors.

[ethereum](https://time.com/nextadvisor/investing/cryptocurrency/price/ethereum-eth/) [merge](https://time.com/nextadvisor/investing/cryptocurrency/ethereum-merge-price-this-week/) took place on Thursday, completing one of the largest events in crypto to date. One thing’s for sure: If the last couple years have taught us anything, it’s that crypto prices are highly volatile and difficult to predict. “We believe bitcoin should ultimately be used as a proxy for direction in the broader crypto market,” Kruger said. The market is particularly volatile right now, as inflation numbers send crypto and stock prices tumbling ahead of another likely rate increase next week at the Fed meeting. [saw similar tumbling](https://time.com/nextadvisor/investing/latest-stock-market-news/) following the CPI release, and the crypto market has increasingly tracked the stock market in recent months. “Given how things have been correlating, and considering this latest inflation data, we expect more downside pressure in crypto as investors are forced to contend with the reality of higher for longer monetary policy that strains growth prospects and weighs on sentiment. The Fed is essentially attempting to cool down the economy in order to rein in rising prices. “There’s no doubt the CPI report has triggered a fallout in risk assets and crypto markets by extension,” said Joel Kruger, Market Strategist at LMAX Group, a financial technology firm headquartered in London that operates foreign currency and crypto exchanges. The ethereum merge has been highly anticipated in the crypto community, and it was finally completed in the wee hours of the morning on Thursday. The change could cut ethereum’s electricity expenditure by an estimated 99.95%, [according to the Ethereum Foundation](https://ethereum.org/en/upgrades/merge/#main-content). Among other concerns, unforeseen bugs in the blockchain could cause outages, which could lead to significant price drops. [Bitcoin’s](https://time.com/nextadvisor/investing/cryptocurrency/price/bitcoin-btc/) prices have gyrated similarly.

Ethereum completed its historical 'Merge' on 15 September. · Ethereum's mainnet execution layer and the Beacon Chain's consensus layer merged at block 15537393.

Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website. The token was still down by 0.80% at 1:00 PM (GMT+1) with a live market cap of US$1,94,64,61,68,318. Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. But following the Merge, the developers believe that Ethereum can significantly reduce energy consumption on the network by 99 per cent. The month of September 2022 will surely be considered as one of the most 'significant' months in the entire crypto history as Ethereum completed its historical 'Merge' on 15 September. This means that the second-largest cryptocurrency by market cap would no longer require to rely upon Proof-of-Work (PoW) consensus mechanism.

The Merge had been talked about for years and paves a potentially new way in the world of trading cryptos. However, the new model has had little effect on ...

Bitcoin, still the largest cryptocurrency, will still be using a Proof of Work model so will still require huge amounts of computing power to verify transactions, but the Ethereum Merge proves that another system is possible. Critics of the new PoS model say that it gives preferential treatment to those with large amounts of Ethereum already (i.e. Ethereum’s new Proof of Stake (PoS) model has serious advantages over its old ‘Proof of Work’ (PoW) system in that it uses much less energy to verify transactions. It will take some time for Ethereum developers to confirm that the transition took place without any hitches but so far the signs are promising. The short answer is ‘yes’. The cryptocurrency estimates that it will use 99% less electricity in the process, which is the equivalent of a country the size of Portugal suddenly dropping its energy usage to zero.

The upgrade, known as the Merge, will slash the chain's carbon emissions by more than 99% and, just as importantly, shows that a rag-tag band of crypto ...

[Mainnet](https://mainnet.events/agenda) starts this week in Manhattan. The event has already emerged as New York’s pre-eminent crypto conference, and organizers have just added a trio of A-list speakers: [Coinbase](https://fortune.com/company/coinbase) CEO Brian Armstrong; Binance CEO CZ; and the founding genius of Ethereum, Vitalik Buterin. A long-time crypto skeptic (Smith describes “the vast majority of web3 uses [as] a form of unregulated financialization), he makes the case that instability in places like Russia and China is likely to create waves of refugees looking to flee with their assets. The “wen” reflects the crypto world’s penchant for goofy phonetics, and is most commonly found in the phrase “wen moon?” that asks when prices will soar. "Crypto-facilitated capital flight from China and Russia would likely strengthen the dominance of the dollar, and/or of the currencies of other rich countries allied with the U.S. [noted](https://twitter.com/CamiRusso/status/1570439681107443716), the devs changed the proverbial jet engine mid-flight and did it without a hitch. He suggests dollar-backed stablecoins will be most popular but that, in time, we could see migrants snapping up “stablecoins backed by real estate.” But for this week at least, it is enough for the Ethereum community to take a well-deserved victory lap. Let’s hope the next wave of Ethereum innovation is based around building products that will be truly useful to ordinary people and show them why blockchain is such a great technology in the first place. The top priority should be the exorbitant gas fees that make legacy payment and computer networks look cheap in comparison—Ethereum is never going to catch on if the first time someone tries it, the network dings them for $50 or more in fees. The reaction of the market was decidedly more muted, however, as the price of Ethereum slumped as much as 7% after the merge. The upgrade, known as the Merge, will slash the chain’s carbon emissions by more than 99% and, just as importantly, shows that a rag-tag band of crypto developers can get shit done.

Ether was down more than 9% at one point as traders decided to “sell the fact” following a nearly seamless Ethereum Merge.

CoinDesk is an independent operating subsidiary of [Digital Currency Group](https://dcg.co/), which invests in [cryptocurrencies](https://dcg.co/#digital-assets-portfolio) and blockchain [startups](https://dcg.co/portfolio/). [Digital Asset Classification Standard (DACS)](http://coindesk.com/indices/dacs), developed by CoinDesk Indices to provide a reliable, comprehensive and standardized classification system for digital assets. [strict set of editorial policies](/ethics/). [Meet 8 Ethereum Developers Who Helped Make the Merge Possible:](https://www.coindesk.com/tech/2022/09/15/meet-8-ethereum-developers-who-helped-make-the-merge-possible/)Ethereum’s impending shift to proof-of-stake could not have happened without researchers, developers, volunteers and many, many client teams. [The Ethereum Merge Is Done, Opening a New Era for the Second-Biggest Blockchain:](https://www.coindesk.com/tech/2022/09/15/the-ethereum-merge-is-done-did-it-work/)The historic upgrade casts aside the miners who had previously driven the blockchain, with promises of massive environmental benefits. [Merge](https://www.coindesk.com/learn/what-is-the-merge-and-why-has-it-taken-so-long/), sharply narrowed as Ethereum completed its technology transition without a hiccup. [Vitalik Buterin Says Ethereum Merge Cut Global Energy Usage by 0.2%, One of Biggest Decarbonization Events Ever:](https://www.coindesk.com/business/2022/09/15/vitalik-buterin-says-ethereum-merge-cut-global-energy-usage-by-02-one-of-biggest-decarbonization-events-ever/)Ethereum now spews out less carbon dioxide than a few hundred U.S. [Ether Futures Market Discount Evaporates After the Merge:](https://www.coindesk.com/markets/2022/09/15/ether-futures-market-discount-evaporates-after-the-merge/)The negative spread between futures and spot prices has narrowed from $20 to almost zero following the Merge. 12 Market Wrap](https://www.coindesk.com/markets/2022/09/12/market-wrap-ether-falls-despite-merge-anticipation-bitcoin-climbs-as-investors-await-inflation-data/), funding rates over the last 30 days continue to be negative, spiking directly ahead of the Merge. [ETH](https://www.coindesk.com/price/ethereum/)) price stability that prevailed after Ethereum's shift to a more energy-efficient ["proof-of-stake"](https://www.coindesk.com/learn/2020/12/30/what-is-proof-of-stake/)network suddenly evaporated as ether slid 9.1%, its worst day since late August. Instead, there’s likely a [“sell the fact”](https://www.coindesk.com/tech/2022/09/15/pivotal-ethereum-merge-brings-sell-the-fact-price-move-in-crypto-markets/) price move in play as an “Ethereum Merge” trade unwinds. [ETH](https://www.coindesk.com/price/ethereum/)) fell 9% on above-average volume.

Ethereum's merge, which transitioned to an eco-friendly consensus model, was successfully completed overnight. A report from the Crypto Carbon Ratings ...

It’s just not tied to Ethereum itself anymore, which should help the network shed the [environmental concerns](https://decrypt.co/109623/ethereum-merge-ends-environmental-debate-nfts) that will continue to be linked to Bitcoin and other such cryptocurrencies. [Digiconomist](https://digiconomist.net/ethereum-energy-consumption), a site from noted crypto critic Alex de Vries. Whether ETHW retains long-term interest remains to be seen, but in the short term, some former Ethereum miners hope to profit in that space. According to an initial report out this morning, [Ethereum](https://decrypt.co/resources/what-is-ethereum-quickly-explained-four-minute-guide)’s energy needs and carbon footprint have both fallen even more than anticipated. As a result, Ethereum’s estimated annual CO2 emissions have dropped from over 11 million tons to just under 870—less than the combined total of 100 average American homes, It also suggests the blockchain's carbon footprint has dropped by just over 99.99% as well.

“Graphics processing units (GPU) mining is dead less than 24 hours after the Merge,” tweeted Ben Gagnon, chief mining officer at bitcoin miner Bitfarms (BITF).

CoinDesk is an independent operating subsidiary of [Digital Currency Group](https://dcg.co/), which invests in [cryptocurrencies](https://dcg.co/#digital-assets-portfolio) and blockchain [startups](https://dcg.co/portfolio/). [strict set of editorial policies](/ethics/). Alongside a rising hashrate, however, is rising difficulty, meaning miners are less likely to successfully mine a block and reap the block reward. [what households in the U.S. However, the software update – dubbed the Merge – also meant that miners were no longer needed to secure the network, and so rig operators moved their machines to other PoW blockchains. [proof-of-stake](https://www.coindesk.com/learn/2020/12/30/what-is-proof-of-stake/) from [proof-of-work](https://www.coindesk.com/learn/2020/12/16/what-is-proof-of-work/) in order to boost efficiency and lower energy consumption.

Until now, both ethereum and bitcoin were running on proof-of-work, which requires high-powered computers to verify transactions and “mine” new coins across a ...

[Sign up](https://www.cnn.com/specials/nightcap?source=article) and you'll get all of this, plus some other funny stuff we liked on the internet, in your inbox every night. The unions have agreed not to strike while votes are being tallied, which means the negotiators have bought themselves a couple of weeks. Even though it's technically possible for bitcoin to alter its infrastructure, as ethereum just demonstrated, "bitcoiners view proof-of-work as a superior way of securing the network." In short, the merge would put the core infrastructure of ethereum on a more environmentally sustainable path, reducing its carbon footprint by 99%, according to the nonprofit behind the network. The workers who operate America's freight trains were at their breaking point, often working 14 days in a row, with no sick days (paid or unpaid) and constant fear of termination if they miss work for medical reasons. Similarly, workers at Kellogg continued to strike in December after negotiators thought they'd reached a settlement. (OK, most nights — we believe in a four-day work week around here.) Here's the deal: It's been a rough year for cryptocurrencies and their legions of fans. Per Biden's statement: "These rail workers will get better pay, improved working conditions, and peace of mind around their health care costs — all hard-earned." - (Ugh, I realize that still might sound like sci-fi, but the longer explanation would seriously put everyone to sleep. - But medical time off won't be paid. Bitcoin, by far the largest token, has fallen roughly 70% from its high nearly a year ago.

The shift to proof-of-stake has analysts exploring its impact on the blockchain's vaunted decentralization.

Some critics have described the merge as a [move toward centralization](https://twitter.com/ClassicPharaohs/status/1570194214256005126). The fact that Bitcoin is “sufficiently decentralized” is the main reason why it has remained [outside of the crosshairs](https://decrypt.co/103926/sec-chair-gensler-bitcoin-not-security-what-about-ethereum) of U.S. [key objective](https://ethereum.org/en/web3/) of crypto and Web3. Further, dominant parties could be pressured to censor transactions on the blockchain—although Coinbase CEO Brian Armstrong has said that [such a scenario](https://decrypt.co/107700/coinbase-ceo-wed-shut-down-ethereum-staking-if-threatened-by-regulators) would prompt his company to get out of the staking business. "It is doable by anyone with a sufficiently good computer, electricity, and internet," he said. The remaining stakers, classified as “other,” have 3.65 million ETH (26.5%).