Ethereum Merge is getting on Hype slowly but surely! Many questions and misconceptions flying all over the internet regarding the Ethereum Merge upgrade, like “Will ETH mining stop completely? If yes, what are other alternative ways for ETH Miners? Does Ethereum transaction speed go to improve with the upgrade? and, much more…
In simple words, the Transition of Ethereum from proof-of-work to a proof-of-stack blockchain mechanism is an Ethereum Merge upgrade.
Informing about Ethereum Merge is a crucial thing to let crypto users know what exactly is going on with Ethereum. Ethereum 2.0 Upgrade is a hot topic all around the world because its launching date is very soon. Being a vast field in crypto, it makes our duty to explain to you every bit of Ethereum Merge! Let’s dig more into the Ethereum Merge upgrade right away!
What is Ethereum Merge?
The Ethereum Merge represents the blockchain’s transition to a less energy-intensive network known as proof-of-stake. As of this writing, Ethereum uses a proof-of-work mechanism, which Bitcoin also uses. Before I get into the definition of proof-of-work, let me explain how the Ethereum blockchain works.
So basically, the current Ethereum main net will join or will combine with a new chain called as Beacon chain which works on a Proof-of-stake blockchain. Actually, it’s not something new in the market thing as the Beacon chain was launched years ago but back then it was working parallel with the Ethereum Mainnet blockchain.
To know more about the Beacon chain, you may refer to these articles over here.
Why Ethereum Merge?
If you know a little bit about Ethereum then you must be aware of “Ethereum Mining”. Well, to perform a certain mining a huge amount of energy is required to operate the giant computers or GPU to do its own task of solving complex mathematical problems. Thus, taking some measures to save that necessary energy from mining seems the number 1 purpose of Ethereum Merge.
According to Carl Beekhuizen, an Ethereum researcher, “the network’s energy consumption would drop by 99.95% following the merger and ETH 2.0 won’t use “a country’s worth of electricity.”
Benefits of Ethereum 2.0 Upgrade
Developers of Ethereum planned to merge ETH mechanism in a certain way to make its energy consumption negligible.
Also, they faced the issue of scalability and stability in the Ethereum mechanism as Proof-of-work solely depends on Miners. This creates Ethereum network development depending on Miners. The community of Miners are in charge while mining ETH.
Energy consumption with Mining is too high which causes unnecessary wastage of usable energy.
Thus, ETH Devs comes with the plan to completely change the whole mechanism itself to solve multiple severe issues in one go. It makes the Ethereum blockchain more stable and scalable, which seems a huge update for all the crypto users except some of them — why?
Shut down ETH Mining?
Unfortunately, this upgrade doesn’t turn out for all the users around there, as we know ETH merge is removing a whole work of Mining which creates Crypto miners especially ETH miners sounds like a death! Yes, There will be a complete shutdown of Ethereum Mining just after the upgrade rolls out.
Ethereum miners shall look out for new business or continue with the same cryptocurrency that works on the PoW mechanism just to replace it with Ethereum.
According to Preston Van Loon, an Ethereum core engineer, there won’t be enough purchasers to withstand the relentless sell pressure from miners, and ETHW will eventually go to zero.
When is Ethereum Merge?
According to a statement on the blog of the Ethereum foundation, the integration of Ethereum is scheduled to take place between September 10 and September 20.
Carl Beekhuizen, an Ethereum researcher, estimates that following the integration, the network’s consumption of energy would drop by 99.95 percent. He also notes that ETH 2.0 will no longer use “the equivalent of the energy used by a nation.”
Misconception regarding Ethereum Merge
Find out how many we can discuss ETH Merge misconceptions!
Ethereum merge will reduce the ETH Gas Fees?
Not at all, Gas fee systems will be the same as before. The only change here is Energy consumption would seem as negligible as No mining after the upgrade falls this September.
32 Ethereum required to run ETH Mode?
Absolute No to this statement too, There will be no threshold required to run the ETH node after the upgrade rolls out this September in 2022.
Does the ETH upgrade going to fasten the transaction speed of ETH?
Not a chance, because there is no change in layers when transferring ETH.
Staked ETH can be withdrawn after the Ethereum merge.
No, you can’t go ahead to withdraw your staked Ethereum until other upgrades or any announcements come regarding this.
Does Ethereum merge will result in downtime of the chain?
Nope, there will be no downtime in this upgrade which seems great right?