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The system-wide upgrade to the Ethereum blockchain officially happened on September 15, 2022. The Merge is one of the most important breakthroughs in the history of the cryptocurrency industry. We've covered everything you need to know about the Merge and its impact on the cryptocurrency world. The new system uses a Proof-of-Stake consensus mechanism that replaces miners with randomly chosen network members, called "validators", and places decision-making authority in their hands. The advantages of PoS provides several advantages over PoW, like low energy consumption.