As Ethereum users and developers continue to complete checklists and preparations like releases and updates successfully, the Ethereum Merge process is now 99.76% complete. The newest client versions are also currently installed on approximately 85% of Ethereum network nodes. Unfortunately, a network hash rate of below 872 TH/s has forced the Merge to take place on September 15.
Ethereum founder Vitalik Buterin also announced a Twitter giveaway in celebration of the Merge. A switch from PoW to PoS will combine the Ethereum Mainnet (execution layer) and Beacon Chain (consensus layer).
How Will This Change Things?
Ethereum miners will no longer be necessary due to the end of PoW. This will, however, result in Ethereum using 99.99% less energy. In addition, Ethereum mining pools have stated their support for ETC mining since Ethereum switched to PoS.
Last month, Ethereum developers said that the Merge would begin on September 15 with a network hash rate of 872 TH/s. However, on September 14, Merge estimates that the hash rate reached about 900 TH/s. Based on the Ethereum Foundation’s tracker, the Merge is expected to occur between 02:00 and 04:00 UTC on September 15. However, 11344 blocks remain to be mined.
I think that #Ethereum will pump on the Merge day!
— Crypto Rover (@rovercrc) September 12, 2022
Also, nearly 85% of Ethereum nodes have updated to the latest client versions. In addition, there are nodes ready for 83% of Go-Ethereum (geth), 91% Erigon, 99% Besu, and 92% Nethermind in the execution layer.
$ETH Tweezer into evening star. Let's see if there is follow through.
Below $1700 would trigger a short https://t.co/V946dTUhss pic.twitter.com/guxKxJILaF
— Cheds (@BigCheds) September 13, 2022
Cryptocurrency expert Big Cheds explains that Ethereum Merge is “buy the rumor, sell the news.” Profit booking has occurred when Ethereum (ETH) is trading above $1750. If ETH’s price falls below $1700, short positions will be opened. Other experts predict that ETH will also drop as momentum loses.