At 19:27 Eastern time on April 12, the Ethereum blockchain, home to the world’s second-most-popular cryptocurrency, ether, will finally sever its links to crypto mining. Within the Ethereum bubble, a sense of anticipation is building; some are planning “viewing parties” for the occasion. Codenamed “Shanghai,” the update to Ethereum caps off a process, after “The Merge,” which fundamentally changes the way transactions are verified and the network secured.
Under the old system, proof-of-work (PoW) mining, the right to process a batch of transactions and earn a crypto reward is determined by a race to solve a mathematical puzzle. The greater the computing power miners throw at the problem, the greater
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