\u201cIt\u2019s important to remember that initially, the\u00a0Beacon Chain\u00a0shipped separately from\u00a0Mainnet. Ethereum Mainnet \u2013 with all it\u2019s accounts, balances, smart contracts, and blockchain state \u2013 continues to be secured by\u00a0proof-of-work, even while the Beacon Chain runs in parallel using\u00a0proof-of-stake. The approaching Merge is when these two systems finally come together, and proof-of-work is replaced permanently by proof-of-stake.<\/em><\/p>\n \u201cLet\u2019s consider an analogy. Imagine Ethereum is a spaceship that isn\u2019t quite ready for an interstellar voyage. With the Beacon Chain, the community has built a new engine and a hardened hull. After significant testing, it\u2019s almost time to hot-swap the new engine for the old mid-flight. This will merge the new, more efficient engine into the existing ship, ready to put in some serious lightyears and take on the universe.<\/em>\u201c<\/p>\n Earlier today, Cumberland took to Twitter to comment on the crypto market:<\/p>\n In case you are wondering why Cumberland believes that currently (i.e. pre Merge) there is roughly $20 million a day of $ETH selling pressure from miners, here is some data from YCharts:<\/p>\n As you can see, yesterday (August 24), $ETH miners received as mining rewards 13087.94 ETH, which is worth roughly $22.39 million at the of writing (12:30 p.m. UTC on August 25). And of course, if we have a successful Merge upgrade on the Ethereum, block mining rewards will be gone since we will have PoS consensus.<\/p>\n\n
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<\/p>\nImage Credit<\/h2>\n