Ethereum Merge Completes 99.76%! Will The Upgrade Be Successful?
The most anticipated event around the crypto space is the Ethereum Merge which will transform the network from present proof-of-work (PoW) to proof-of-stake (PoS). Since the time the news was made public, the lead altcoin, Ethereum has seen a price rise.
At the time of writing, Ethereum is trading at $1,714 with a drop of 2.28% in the last 24hrs.
As per the reports, the Ethereum network has completed 99.76% with the support of Ethereum clients and developers who have strived for successful completion of the preparations towards the release and upgrade date.
Interestingly, 85% of Ethereum nodes have updated after the recent client releases and with the hash rate plunging below 872 TH/s, the merge is expected to be completed by September 15.
The OKLink’s Ethereum Merge Countdown Ethereum network has a 99.76% completion stage with the help of clients, developers, and users. The Ethereum network is set to transform into proof-of-stake after Ethereum Mainnet (execution layer) will merge with Beacon Chain (consensus layer).
Ethereum (ETH) Transform To PoS Soon
On September 6 the consensus layer saw an upgradation of Bellatrix which has helped the Beacon chain to prepare for the Merge and the Paris upgrade is also set to prepare the Mainnet for Merge. Once the network attains the terminal total difficulty (TTD) of 58750000000000000000000 on September 15 and the Paris upgrade is completed, Ethereum will be transformed into Proof of Stake. This will happen only after the Beacon Chain validator validates the block.
This transformation will see Ethereum’s energy consumption falling down by 99.95% and this shift in consensus mechanism has gained support from Ethereum mining pools.
It’s also important to know that the current hash rate has attained almost 900 TH/s, hence the merge is expected to happen even on September 14. However, the hash rate has dropped after the Bellatrix upgrade. Hence, the Merge is expected to be completed on September 15 between the time frame of 2:00 – 4:00 UTC. Now only 11344 blocks are yet to be mined.
Conversely, one of the crypto analysts, Big Cheds is of the opinion that Ethereum Merge is a buy the rumor, sell the news kind of event. As Ethereum’s price surged above $1750 there is some profit booking, but if ETH falls below $1700, there will be shorts.Source