Do not expect Ethereum to move to the PoS (Proof-of-Stake) system this June, as Ethereum core developer Tim Beiko recently tweeted that the “Merge” will have to be postponed to Q3:
‘Don’t Invest in ETH Mining Rigs’
The Merge – a stage in Ethereum’s transition from PoW (Proof-of-Work) to PoS – has been delayed again, even though the developer team announced it was moving forward with the transition after a successful test of the shadow fork.
In the Twitter thread, Beiko was asked by a user if there was any advice or info for miners who have been investing in rigs. Beiko replied: “I would strongly suggest not investing more in mining equipment at this point.”
Most people in the crypto community, of course, weren’t happy with another delay, which adds to a long string of holdups for a project that was originally intended to be completed as long ago as 2019:
The Ethereum Foundation has been working for the transition of Ethereum to a PoS consensus system in a project originally called ETH 2.0, since rebranded to “Consensus Layer”.
As is well known, network congestion and exorbitant gas fees are common pains for most people who frequently interact with the network. The upgrade will signify a higher throughput and reduce gas fees, though users will have to wait until they see the transition coming to life.
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