Ethereum 2.0 upgrade will launch sometime this year.
Tim Beiko, the Ethereum Merge lead developer, has recently dashed enthusiasts’ hopes of seeing the network’s transition from a Proof-of-Work (PoW) algorithm to a Proof-of-Stake model anytime soon.
According to Beiko, the much-anticipated Ethereum merger of the PoW and the PoS algorithm will not be taking place in June 2022 as expected.
However, the upgrade, also referred to as Ethereum 2.0, will still take place at a later date this year, Beiko noted in a recent thread on the popular microblogging platform Twitter.
Towards the end of last month, Beiko shared an update on the ongoing progress of the planned Ethereum merger of the PoW and PoS chains.
With over 100 Ethereum users commenting on the progress made toward the launch of the planned upgrade, a supposed miner on the Ethereum network with the username @TripleSack asked Beiko to know the exact date the upgrade will be implemented.
@TripleSack was eager to know if the upgrade was around the corner in order to prevent miners from wasting more funds on purchasing mining equipment to mint the second-largest cryptocurrency.
Beiko advised miners not to purchase mining equipment as the Ethereum blockchain will soon transition from PoW to a PoS consensus algorithm.
The user asked whether the transition will occur in June as expected or whether miners still have more time to continue the operation of minting new ETH through the PoW method.
Responding to this question, Beiko said:
“It won’t be June, but likely in the few months after. No firm date yet, but we’re definitely in the final chapter of PoW on Ethereum.”
It won't be June, but likely in the few months after. No firm date yet, but we're definitely in the final chapter of PoW on Ethereum
— Tim Beiko | timbeiko.eth 🔥🧱 (@TimBeiko) April 12, 2022
Ethereum 2.0 Upgrade
The cryptocurrency community has been anticipating an Ethereum 2.0 upgrade that will see the network adopt a PoS model in producing new coins.
Once the upgrade is implemented, miners will no longer have a place in the network, as investors will be required to validate transactions based on the number of ETH they stake or contribute to the staking pools.
On April 11th ETH Devs Tested Proof-of-Stake On Ethereum and performed the first mainnet shadow fork ever.
Ethereum Community Excited
The anticipation of the upgrade has made several Ethereum proponents, including billionaire investor Mark Cuban, enthusiastic.
The Merge upgrade will see only a few ETH produced in contrast to the PoW model, and this initiative will likely boost the value of Ethereum.
As the ETH community continues to wait for the official date of the Merge, the number of ETH staked in the Ethereum 2.0 contract has continued to soar tremendously.