While the ‘Timeline Isn’t Final,’ Ethereum Could Implement The Merge on September 19
Ethereum’s highly anticipated transition from proof-of-work (PoW) to proof-off-stake (PonS), known as The Merge, may be implemented in around 65 days. The information was shared via a Twitter timeline, which noted the transition from PoW to PoS could occur on September 19.
According to Superphiz, Ethereum Beacon chain community director, The Merge’s “timeline is not definitive,” and people should “look out for official announcements.”
Superphiz, the director of Ethereum Beacon Chain, provides a ‘Planning Timeline’ that predicts the date of the merger.
Ethereum supporters and crypto enthusiasts have been waiting for a long time to complete the transition from a PoW consensus model to a PDS consensus model. It has been a while since the network has changed, so there was a smoother transition. For example, part of The Merge began with implementing the network’s Beacon chain, an Ethereum PoS chain parallel to the Ethereum PoW chain.
The beacon chain was sent on December 26, 2020. According to ETH 2.0 statistics, there are approximately 13.1 million ETHs today. When using the PoS system, you need to deposit 32 ETH to begin the stake process, and at the moment, there are 395,762 validators.
In the event of The Merge being officially implemented, PoW miners using the Ethereum algorithm will have to mine a different blockchain like Ethereum Classic (ETC). Despite this new change, ether miners continue to dedicate hashrate to ETH, and on June 4, at a block height of 14,902,285, the hashrate reached an all-time high. On this day, the hashrate reached 1,320 terahash per second or 1,32 petahash each second.
In today’s global Ethereum hashrate is 968.75 TH/s, according to coinwarz.com metrics. With the ETH 2.0 contract being deposited around the same time, developers decided to delay the network’s difficulty bomb with the Gray Glacier update.
The Merge would not take place until September 2022, even though previous reports indicated it could take place in August. Superphiz, the director of the Ethereum Beacon chain community, shared a “planning timeline” on Twitter, which he described as “exciting” to see come together.