The date of stopping Ethereum mining has been changed

The date of stopping Ethereum mining has been changed

The stop of Ethereum mining was postponed to October 2022 due to errors in the algorithm

The developers of the Ethereum blockchain and the cryptocurrency of the same name plan to postpone the transition to a new model in which miners will not need to participate.

It is noted that the developers of the network conducted a rehearsal for launching a special algorithm designed to gradually disable the process of mining Ethereum, or ether. During the upgrade process, errors occurred in the Ropsten test subnet, which is why the transition is now planned not in August, but in September-October 2022.

We are talking about a special “Complexity Bomb” code that has existed in Ethereum since its launch. Its launch instantly increases the complexity of cryptocurrency mining, and as a result makes this process impossible.

Earlier, the creator of the Ethereum cryptocurrency Vitalik Buterin stated that the network will switch to the Proof-of-Stake (PoS) algorithm in August 2022.

Ethereum, like Bitcoin, currently uses a consistent protocol called Proof-of-Work (PoW). To maintain the operation of the PoS network, there is no need for miners generating computing power. The performance of Ethereum will be provided by holders of digital coins who receive a reward for their storage.

According to some estimates, the transition to PoS should reduce the power consumption of the Ethereum network by 99.9%. Other PoS networks, such as Polygon (MATIC) and Fantom Opera (FTM), boast negligible power consumption compared to power networks.

Although Boyko doesn’t mention it, the delay of the complexity wall could lead to further delays of the merger itself, which is expected to happen in August 2022.

The Ropsten test network on Ethereum recently completed its own successful merger with PoS on Friday, which the developers called the “first dress rehearsal” before the real merger.

Despite the ongoing bearish sentiment in the cryptocurrency markets, the Ethereum user base remains strong. Daily transactions on the network have remained above one million, with the exception of one day since December 2020. Measuring daily transactions provides a simple and concise overview of the overall load that the network is coping with.