According to Ethereum developer Tim Beiko, The Merge will likely be delayed until the third quarter of 2022. Despite the delay, Beiko also said that he “strongly recommends not investing more in mining hardware at this time.”
Merge may be delayed, Ethereum hash rate reaches new ATH
Four days ago Bitcoin.com News reported that Ethereum miners are hashing the blockchain at a huge rate right before The Merge happens. The Merge is the name of Ethereum’s upcoming transition from a proof-of-work (PoW) system to a full proof-of-stake (PoS) system. On April 7, 2022, Ethereum’s hash rate reached an all-time high (ATH) of 1.131 petahash per second (PH/s).
Today, Ethereum’s hashrate reached another ATH of 1.148 petahash/s, according to metrics derived from a three-month chart, posted on coinwarz.com. The day before on Twitter, Ethereum developer Tim Bako posted an update for core developers
Tim Bako: “We are definitely in the last chapter of PoW on Ethereum.”
In a Twitter thread, one person asked Beiko a question about Ethereum miners securing the network. The person asked the Ethereum developer if the miners would be “left to fend for themselves.”
Beiko responded to the man and explained that he would not invest in any future mining devices. “I would strongly recommend not investing more in mining equipment at this time,” the Ethereum developer wrote on Twitter The person then asked if the developers were planning to “pull the plug” for June or if the Ether mining community still had time. Beiko answered that question as well and said:
It won’t be in June, but probably a few months from now. There is no exact date yet, but we are definitely in the final chapter of PoW on Ethereum.
These statements imply that Ethereum miners will have a little more time before “pulling the plug” on The Merge. Ethereum (Ethereum’s consensus mining algorithm) miners are among the most profitable cryptocurrency miners today. As of this writing, the Innosilicon A11 Pro ETH miner (1,500 MH/s) can generate $54.30 per day in ether profit at an electricity cost of $0.12 per kilowatt hour and today’s ether exchange rate.
Image credits: Shutterstock, Pixabay, Wiki Commons