Ethereum switched to Proof-of-Stake

The second phase of the massive Ethereum network upgrade was completed on September 15. Since 2020, versions of the PoW and PoS algorithms have been running in parallel. The official start of The Confluence was given with the Bellatrix update, which took place on September 6, 2022. Yesterday, the merger was completed, and the two chains merged into one – the Eth 2.0 protocol.

“I like to think of this event as the transition of a car from gasoline to electricity,” says Justin Drake, a researcher at the nonprofit Ethereum Foundation.

The new protocol will take over the process of verifying new transactions using “proof of stake,” and Ethereum will permanently abandon the previous “proof of work” algorithm. In this connection, Hashmart finishes Eth 1.0 mining. We are also happy to announce that Eth 2.0 staking contracts are now available on our website.