Ethereum network undergoes global updаte that shuts down mining

The cryptocurrency has switched to a new algorithm of operation that does not involve mining with specialized equipment

Ethereum network undergoes global updаte that shuts down mining

The Ethereum network has seen an updаte to The Merge, which involves moving the altcoin from the Proof-of-Work protocol to Proof-of-Stake (PoS). This means that the blockchain will now be secured not by miners, but by validators – users who have deposited and blocked their share of coins (stacking).

The main purpose of the updаte is the need to avoid problems associated with the growth of the number of users. The hardfork aims to increase the speed, efficiency and scalability of the cryptocurrency network so that it can process more transactions and provide a higher level of security.

The Ethereum network may split after the updаte. Earlier, major cryptocurrency exchanges including Binance, Poloniex and others announced that they would accrue new tokens to users with ETH and WETH, should they appear at a 1:1 ratio.

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