Ethereum blockchain creator Vitalik Buterin said that an event called Merge — a long-awaited network update that will make classic mining a thing of the past — is likely to take place on September 15.
With event merge blockchain ether Leave the Proof-of-Work (PoW) model, where transactions are processed by miners’ resources, and switch to the Proof-of-Stake (PoS) model – transactions are certified by Ethereum cryptocurrency holders. Last week the algorithm change was successfully implemented on the Goerli test subnet. Now the creator of the blockchain Vitalik Buterin informed tweeted that there is a limit to the number of hashes left to run the network in PoW mode.
According to previous forecasts, the update should take place between September 15th and 20th. Ethereum developers will hold another meeting this week, where they will work out the difficulties that may arise at the last moment before the update and set a concrete date for the merge.
Many services are based on the Ethereum blockchain, and some of them will temporarily stop working during the network upgrade to avoid any unpleasant surprises. After the update, transactions on the Etherium network will be significantly accelerated and energy consumption will be reduced by more than 99% as mining equipment becomes unusable.