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Is ‘The Merge’ Still Far Away?
The delayed difficulty bomb and the knowledge that The Merge will be postponed at least until September were both covered by News on July 9, 2022. The update known as The Merge is essentially what eventually switches the Ethereum (ETH) network from proof-of-work (PoW) to proof-of-stake (PoS). There are now two chains: the Beacon chain, which is intended for PoS, and one that still uses PoW. 13,012,469 ETH were reportedly placed into the ETH 2.0 contract on the same day. Since then, 410,903 validators and 136,416 ether have been placed into the contract.
Superphiz, a software engineer and community leader for the Ethereum Beacon chain, released the potential date for The Merge on July 14. The schedule indicated that it would occur around the week of September 19. But the developer emphasized that the time was not set in stone and urged the public to pay attention to official announcements.
Ethereum Delisting From Crypto Exchanges
Since then, the price of the token for the smart contract platform known as ETH has increased by 36.8% versus the US dollar in just 30 days, thanks to The Merge. Ethereum’s hash rate decreased along with the price increase, falling below the one petahash per second (PH/s) or 1,000 terahash per second (TH/s) range. The Ethereum network’s hash rate is now cruising at 1,000 TH/s, indicating an increased computational processing capacity since then.
Seven-day statistics show 2.36 million Ethers have been taken out of cryptocurrency exchanges since July 5. Ethereum has recently started delisting from centralized exchanges in large quantities, following the same pattern as Bitcoin (BTC). On July 10, News revealed that compared to data collected on May 22, there were 9.109 percent fewer Bitcoins stored on exchanges. According to recent statistics, ether holders and purchasers also remove significant amounts of cryptocurrency from exchanges. According to sources, the change in Ethereum held on exchanges in the last day is 1.82M [ethereum], the highest level over 365 days.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
