It became known that the long-awaited update of The Merge for the Ethereum network and the transition to the proof-of-stake consensus algorithm are again postponed, due to which miners will have more time to prepare for this event. This was announced by the developer of the Ethereum core Tim Beiko.
Image Source: Neserin / Getty Images
“This will not happen in June, but most likely in a few months. There is no exact date yet, but we are definitely in the final part of the network Ethereum on PoW»Beiko wrote on his Twitter account.
Recall that The Merge update for the Ethereum network is necessary to move from the proof-of-work algorithm (proof of work) to proof-of-stake (proof of ownership). This transition is important, because after its completion, cryptocurrency mining using graphics accelerators will be stopped. The new consensus algorithm assumes that each new block will be agreed between the participants of the blockchain before being created. This process will be secured by validators or network users who have contributed their share of coins (at least 32 ETH) to staking and blocked it.
It is worth noting that initially the transition to the proof-of-stake consensus algorithm was planned for 2021. However, constant delays and transfers have seriously extended the relevance of Ethereum mining. However, Beiko previously advised miners to stop investing in crypto mining farms for Ethereum, as they will soon become useless.
Thus, after switching to the PoS algorithm, the Ethereum network will become 99% more environmentally friendly, since significant amounts of electricity will no longer be required to create new blocks. According to experts, the transition to PoS will be accompanied by high ether volatility, but in the end, the cryptocurrency rate will increase significantly. This is due to a reduction in the number of issued coins, which will cause a shortage of supply and push the cryptocurrency to growth.
If you notice an error, select it with the mouse and press CTRL + ENTER.