This event is excellent news for many users but bad for the miners.
Miners are launching their own chain to oppose the Merge. One of them is ETHW. Since Ethereum shifts from Proof of Work to Proof of Stake, miners’ profits are likely dramatically reduced.
There are 4 phases of the Merge:
Surge is the addition of Ethereum sharding that further reduces the cost of layer 2 blockchains, the cost of rollups, and bundled transactions.
Verge is implementing Verkle trees that allow users to become network validators without having to store a large amount of data on their machines.
Purge is to cut down the spaces you used to have in your hard drive and simplify the Ethereum protocol over time.
Splurge is the rest of the update process to add more features to the Ethereum blockchain.