The Ethereum Merge lead developer, Tim Beiko, recently dashed the hopes of many crypto players who wanted to see the network’s transition from a Proof-of-Work (PoW) algorithm to a Proof-of-Stake model.
The lead developed noted on his official Twitter page that the much-anticipated Ethereum merger of the PoW and PoS algorithm will not happen this June. Nevertheless, Ethereum 2.0 is scheduled to take place later this year.
Beiko also shared an update on the ongoing progress of the Ethereum upgrade around last month. While comments were pouring in, a question from @TripeSack was directed to Beiko asking when the upgrade would be implemented.
@TripleSack was eager to know if the upgrade was around the corner 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.”
About Ethereum 2.0
The upgrade is one of the projects that have raised the interest of the general cryptocurrency community, which will see the network adopt a PoS model in creating new coins.
The success of the upgrade will ensure that miners will have no place in the network, and investors can only validate transactions based on the number of ETH they stake or contribute in the staking pool.
What the Upgrade Means for the Ethereum Community
It is no surprise that several Ethereum supporters, including billionaire investor Mark Cuban, are highly enthusiastic about the upgrade.
The Merge upgrade will reduce the amount of ETH produced compared to the PoW model, boosting Ethereum’s value.
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.