On-chain Trends 24 Hours After The Merge

The Ethereum network successfully activated “The Merge” on September 15, which marked the transition from a proof-of-work (PoW) consensus to a more environmentally-friendly proof-of-stake (PoS) mechanism. In this piece, we examine various trends and phenomena unique to the merge based on on-chain data.

The hashrate of the Ethereum network had stayed relatively constant this September at 850-900 TH/s until hours before the merge, when it dropped to a low of 740 TH/s. Miners are no longer responsible for block production post-merge, and many of them resort to mining other cryptocurrencies with similar hardware requirements.