At block number 13,773,000 the time had come: Ethereum carried out the “Arrow Glacier” update, which postponed the ignition of the difficulty bomb for a few months again. Therefore, the development team buys time to transition to a proof-of-stake based network, and indirectly sets a date for this.
Ethereum is pulling the ripcord, again. The “Arrow Glacier” update integrated tonight postpones the difficulty bomb for a few months, delaying the end of the still-proof-of-work network mining and giving developers more leeway until the Ethereum 2.0 switch to take over. of many small constructions. sites. The new date provides insight into the long-awaited merger event, the merger of the current version of Ethereum with Beacon Chain, which marks the beginning of proof-of-stake-based Ethereum 2.0.
Ice Age put on hold, for now
The transition to the new network environment is also a goodbye to the miners who are still responsible for processing blocks. In Ethereum 2.0, stakers, also known as validators, will do this in the future. The difficulty pump, which has been running on the network since 2015 and is repeatedly postponed for various updates, increases the difficulty of block production so significantly that the use of computing power is no longer proportional to revenue. Mining is simply becoming unprofitable. More recently, the grace period was postponed by the “London” hard fork.
The time when miners pack their bags and the current Ethereum blockchain is practically frozen is also known as the Ice Age. The latest “Arrow Glacier” update moves this section to June 2022. Therefore, between the lines you can read a date for the change to Proof of Stake. Therefore, by the middle of next year, Ethereum 2.0 should have a firm foundation. This is not an unrealistic goal given advances in network development. Ethereum developer Tim Beiko also hopes that the ‘difficulty bomb’ wick has been extended for the last time. As always with a network upgrade, the nodes must be upgraded to the latest version of the client. For Ethereum users, however, nothing will change.