Ethereum devs claim that the Ethereum 2.0 advancement that will witness the switch from proof-of-work to proof-of-stake is nearing.
Users will likely witness the upgrade in a few months after June. Ethereum merge, which plays a key role in the Ethereum 2.0 upgrade, has been pushed a few months away from June.
The ether foundation developer Tim Beiko tweeted that:
“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 revealed an estimated time of the merge but didn’t specify the exact date.
He also added in a tweet thread with a miner urging him not to invest in any more mining equipment at this point. “I would strongly suggest not investing more in mining equipment at this point.”
Much awaited proof-of-stake switch
Ethereum’s much-awaited proof-of-work to proof-of-stake model has been the need of the hour to settle the ongoing talks about the energy consumed. The much-needed upgrade to Ethereum 2.0 will dissolve the rising concerns about the high-energy consumption by the network validators.
The switch will also make mining bygone. Ether, the second-largest cryptocurrency, has served as the base and structure for different blockchain expansions, including DeFi, most of the NFTs, metaverse, and GameFi, to name a few.
As per the reports by Digiconomist, Ethereum activities consume 113 terawatt-hours of electricity per year. That is one of the primary reasons countries like China have set out to ban energy-centric activities like mining.
Apart from the soaring electricity consumption, the process also generates a large amount of e-waste. According to the Ethereum whitepaper in 2013, proof-of-work was supposed to back it. But later, Buterin noted in 2014 that such an implementation was even considered impossible by many.
That was the reason for Ethereum being deployed on proof-of-work.