The Merge will transition the cryptocurrency from a traditional mining model to a ‘Proof of Stake’ algorithm. However, no one will be surprised if the new deadline is extended (again).
Ethereum’s developers remain optimistic that GPU-based mining will be phased out soon. However, it will not take place next month as originally planned.
Instead, the Ethereum community is eyeing the week of September 19 as a “potential” start date for The Merge, or when the cryptocurrency switches from its traditional mining model to a “Proof of Stake” algorithm. Tim Beiko, an engineer at the Ethereum Foundation, mentioned the proposed timeline last week during a meeting with developers(Opens in a new window).
However, the Ethereum community is warning that the date is only for planning purposes and that the process will go off without a hitch. “It’s not a do-or-die situation; it’s a point of coordination to help everyone plan.” A lot of node operators have a lot of work to do between now and then, and targets help to focus minds,” wrote Ben Edgington, one of The Merge’s developers.
Nonetheless, the development is positive for graphics card suppliers. Ethereum mining has been blamed as a major contributor to the massive GPU shortage that began in late 2020 and lasted until earlier this year, when demand finally subsided. Since then, many Ethereum miners have bailed or temporarily stopped mining due to the cryptocurrency’s recent price drop and the impending Proof of Stake transition.
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The elimination of GPU-based mining also promises to significantly reduce cryptocurrency power consumption. The issue is that the Ethereum Foundation has been attempting for years to transition from a mining-based model to a Proof of Stake model, but the developers have repeatedly postponed the transition. Back in May, Ethereum co-founder Vitalik Buterin stated that if errors arise, The Merge could be pushed back to October or later in the year, so don’t be surprised if September 19 passes without a full transition.