Please Explain Ethereum Proof of Stake

[Ucy]

I understand that Proof of Stake has to do with saving ones Ethereum to earn 1% reward for securing Ethereum Blockchain? and I learned Ethereum is planning on migrating from Proof of Works to Proof of Stake but the concept does not completely make sense to me... Does it mean no more hardware mining of Ethereum? If yes, how then will Ethereum be generated?

[Ayers]

you must be new to pos lol, pos is very simple, if ethereum use the standard pos and not decred ticket pos, will be like any other pos, where your balance is the mining hashrate, and generate other coin

[Westfiled]

I understand that Proof of Stake has to do with saving ones Ethereum to earn 1% reward for securing Ethereum Blockchain? and I learned Ethereum is planning on migrating from Proof of Works to Proof of Stake but the concept does not completely make sense to me... Does it mean no more hardware mining of Ethereum? If yes, how then will Ethereum be generated?

YOu can try to read  economics whitepaper about the casper pos and  it will be useful for you to try to go to the ethereum github and you can try to read about the explanation of the casper pos and some updates such as the metropolis update.