The change from a proof-of-work system to a proof-of-stake system has allowed the project to become more eco-friendly.
Jon Charbonneau, a researcher at Delphi Digital, told The Wall Street Journal that it was the biggest event in the history of the technology.
The price of ether is not looking too hot. Since the merger, the coin has fallen about seven percent, which may not be a good sign for the future of the project.
It's not all bad. Analysts are expecting ether to recover as investors adjust to the new reality.
They were getting ready for a rough ride. It was reported that a full $1.2 billion worth of ether was moved to centralized exchanges.
According to one analysis, the electricity use in the area has dropped by 99.88 percent in the past year. Its carbon footprint has gone down by 99.992 percent.
It would be a huge windfall for the environment, considering that the entire of Bangladesh used as much electricity per year as the operations of the ethereum mining network.
It will be interesting to see what will happen next.
There is a move to proof of stake for cryptocurrencies.
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