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Ethereum Transitions to POS Consensus Mechanism

9/27/2022

 
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Ethereum made the transition from Proof-of work (POW) to Proof-of-Stake (POS) on September 15, 2022, at 2:45 am EST. The event was triggered by Ethereum's main net hitting "terminal total difficulty," a predetermined point at which ETH mining became effectively impossible, with the network automatically switching over to the proof-of-stake consensus mechanism.

This switch is known as the "merge.” The merge changes the way that Ethereum transactions are validated. Previously, Ethereum worked like Bitcoin: transactions were mined by a decentralized network of computers, which raced to solve mathematical puzzles and were rewarded with new coins. With the merge, Ethereum has transitioned to a consensus mechanism.
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The merge itself took around 12 minutes to come into effect, with the success of the event signaled by the network successfully proposing and approving new blocks of transactions under the proof-of-stake consensus mechanism. The Ethereum network missed just one block during the transition and, after 12 minutes and 48 seconds, successfully reached finality.

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JCN, LLC, d/b/a “PODMines” is an Illinois based LLC offering a subscription service suite of amenities for cryptocurrency and digital currency miners located at several properties in the Midwestern United States. Those amenities include: physical space within an exterior or interior mining pod, ambient air flow, electricity, bandwidth, 24x7 camera monitoring / key card access, and helping hands during normal business hours. PODMines expressly denies and disclaims making any representations, warranties, promises, and/or assurances of any kind regarding its subscription service to the customer other than those expressly contained within the service order and the accompanying terms and conditions of service. PODMines is not a security, or a security dealer. PODMines customers own their own mining equipment, and 100% of their subsequent mining rewards. PODMines customers may cancel their service at any time, subject to the terms and conditions of service. PODMines is not in control of, and has no influence over, the price of any digital or cryptocurrency. Cryptocurrency assets sometimes experience extreme market volatility, and anyone interested in gaining exposure to this asset class should discuss the potential risks and benefits of investing in cryptocurrency mining with any legal, investment, or other professional consultants prior to gaining exposure to this new class of assets. PODMines is not directly responsible for the day to day price of Bitcoin, or any other cryptocurrency or digital currency. PODMines customers assume all risks and liabilities inherent in mining for cryptocurrency or digital currency.
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