Vitalik Buterin, the co-founder of Ethereum (ETH), has confirmed September 15th, 2022 as the tentative date for the transition of the Ethereum network from the proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS). This much-anticipated event is generally known as The Merge.
It can be recalled that on 11th August, The Merge launched on Goerli, its final testnet. This means that the development journey that started some years ago is about to end on a good note. However, the Merge is not the end of the road for Ethereum development, but the door to a new era for the network.
Vitalik Buterin Expects The Merge Implementation On September 15th
In a tweet a couple of hours ago, the co-founder of Ethereum blockchain pointed out that the Total Terminal Difficulty (TTD) of the Ethereum network has been set to 58750000000000000000000. He said this implies that miners on the network now have a fixed number of hashes left to mine.
Buterin further said the predicted date for the upgrade is now September 15. However, he stressed that the exact date of the upgrade still depends on hashrate.
Vitalik Buterin tweeted, “The terminal total difficulty has been set to 58750000000000000000000. This means the ethereum PoW network now has a (roughly) fixed number of hashes left to mine. https://bordel.wtf predicts the merge will happen around Sep 15, though the exact date depends on hashrate.”
The terminal total difficulty has been set to 58750000000000000000000.
This means the ethereum PoW network now has a (roughly) fixed number of hashes left to mine.https://t.co/3um744WkxZ predicts the merge will happen around Sep 15, though the exact date depends on hashrate. pic.twitter.com/9YnloTWSi1
— vitalik.eth (@VitalikButerin) August 12, 2022
What Is Hashrate?
Hashrate is the measurement of the processing power of the Ethereum network. Blocks are hashed and added to the Ethereum blockchain as miners solve complex mathematical puzzles to confirm transactions.
Also, the hashrate stands for the number of times per second that the network can try to solve a puzzle. A high hashrate is an indication of an increasingly robust network that is more secure against an attacker.
Effect of The Merge On Ethereum (ETH) Price
The euphoria of the upcoming consensus upgrade has been positive on the price of Ethereum (ETH), the second-largest cryptocurrency by market capitalization.
Over the last seven days, Ethereum (ETH) has been outperforming other top 10 digital assets, including the flagship crypto Bitcoin (BTC).
Many analysts have been seeing the upgrade as a bullish signal for the future price of the top cryptocurrency. At the time of filing this report, ETH is trading at $1921, with a 1.44% price upsurge in the last 24 hours.