In the last five months, authorities in Iran have arrested more than 9,000 unlawful crypto mining rigs in Tehran. Be[In]Crypto has gathered some of the most important stories from the past week in the crypto industry, just in case you missed them.
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Ethereum merge
Ethereum’s (ETH) developers have been expressing concerns about the network’s upcoming ‘Merge,’ a transition from proof-of-work (PoW) to proof-of-stake (PoS) consensus. The merge is set to take place on or around Sept. 15 and will see the ETH network shift from its current decentralized proof of work consensus algorithm to a new proof of stake algorithm.
The co-founder of Ethereum, Vitalik Buterin, has always been an advocate for the PoS protocol. In his blog post from November 2020, he detailed reasons as to why he believes that PoS is a better system than PoW. These include security being more secure “for the same cost,” decentralization, and attacks that make it easier “to recover from.”
Chainlink has taken to the announcement that it is going to support the PoS chain after the Merge. Ethereum is moving from being a network that needs miners to validate transactions, which is an energy-draining procedure, to one where so-called validators “stake” Ethereum tokens with the opportunity to approve transactions instead.
Crypto sanctions
Following numerous attacks on digital currency, governments…
