After the successful completion of one of the last tests before updating the Ethereum 2.0 blockchain, the rate of its own cryptocurrency in this network rose by 13% in just a day – now one “coin” is trading near the $1200 mark. After the upgrade, the network will drastically reduce energy consumption, and mining will become unprofitable.
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The transition process to the new algorithm was launched on December 1, 2020. Ethereum 2.0 will become faster and more efficient, and network scalability will increase. The blockchain will receive more effective protection and will be able to process more transactions. Platform Developers reportedthat the preparatory shadow fork of the Mainnet Shadow Fork 9 network was completed 15 hours ahead of schedule.
The Ropsten test subnet was updated back in June – then it was “dress rehearsal” the Merge event, which will mark the transfer of the blockchain to the Proof-of-Stake model, which implies a reduction in energy consumption and the abandonment of mining. The estimated transition date for the last Goerli test subnet is August 11. If the process is successful, then the update of the main Ethereum network may be scheduled for September 19th.
The cost of Ethereum is also influenced by external factors – cryptocurrency is often getting cheaper following bitcoin. Given the difficult economic situation, experts’ forecasts are now predominantly pessimistic.
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