Will Ethereum move to proof-of-stake?

Blockchains don’t have a central gatekeeper, like a bank, to verify transactions. Instead, both Bitcoin and Ethereum, the two largest cryptocurrencies, rely on a consensus mechanism called “proof of work” to maintain a time-ordered ledger of transactions .4 Mar 2022

Ethereum will move from proof-of-work to proof-of-stake this summer , Vitalik Buterin has confirmed. The ETH 2.0 ‘Merge’ upgrade promises to cut transaction fees, increase coins ‘burned’ and improve congestion.6 Mar 2022

Over the next year, proof-of-work will be phased out in favour of Proof-of-stake (PoS) . The transition to proof-of-stake will also phase out mining from Ethereum.