It was merge week. Ethereum’s long-awaited overhaul was finalized without a hitch, but there was no sudden influx of capital, either. Ethereum’s price actually fell 8% to below $1,500 on Thursday, the day of the merge. At the time of writing it trades for $1,376, about 22% cheaper than it was last Sunday.
A day before the merge, Ethereum’s co-founder Vitalik Buterin shared a graph from etherchain.org showing the network’s hash rate has maintained consistency, despite negative predictions from certain forecasters.
Looks like the "hashrate will drop weeks before the merge due to miners rushing to sell ahead of everyone else" thesis has been proven completely false.
I'm a bit surprised! I argued against a 50% drop but definitely expected like 5-10%. pic.twitter.com/l9OpT8fPFl
— vitalik.eth (@VitalikButerin) September 14, 2022
The following day, Thursday, Buterin broke the news that the network’s transition to proof-of-stake (PoS) was complete:
And we finalized!
Happy merge all. This is...
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