Final Test A Success Final Date Set (ETH)
A post I wrote two weeks ago Ethereum confirms Official Merge Date talked about the upcoming test that was going to be done on August 5th named Goerli merger.
What had been originally slated for August 5th was pushed back a few days and just happened this morning. This successful test merge marks the final testnet and now the move to mainnet will be next. No further tests are currently slated.
That means our new target will be mid September which is only a month away! It's pretty wild to think it's only a month away after YEARS of delays. It's been talked about changing up Ethereum since 2017.
Some Important Notes
This merge will not fix fees on Ethereum. All it does is converts the proof of work system over into a proof of stake blockchain making it so that the proof of work people no longer earn Ethereum rewards.
Speculation puts the amount of locked up Ethereum within the first month to be at over 50% of the supply of Ethereum.
If you didn't know you will need 32 ETH staked in order to run a node yourself. However I feel there will be pools or other systems in place. BE WARNED! If you have to send your Ethereum to a site, exchange or wallet that's not yours you run a risk of them running off with your funds. Not your keys not your crypto always remember that and understand there's great risks when you pump your tokens into another wallet.Scaling Solutions - Once Ethereum finally gets moved to proof of stake it can also start working on other aspects. Those aspects could be Sharding which would allow for further scalability of the chain. This scaling would later help the Ethereum gas fees.
Changes
At first the system was designed to only allow those that staked 1,500 ETH to run a node. However that quickly changed to just 32 ETH needed. In todays current prices that would make the cost of running a node at nearly $62,000 and that number will most likely continue to climb now as more people realize that this merge is going to happen.
GPU miners with huge infrastructure will find themselves without a chain to mine on and earn rewards. However it could cause a hard fork or miners could move to Ethereum Classic.
Speculation
Right now I feel many people are attempted to remember the old days of free coins from hard forks. There was a time when hard forks were common place and with it was a endless hoard of altcoins that got dropped to you at a 1:1 ratio. This is because a hard fork takes a snapshot of the chain and if it splits creates two block chains that look exactly the same in terms of wallets and the amount of tokens in them.
This seems to be the general speculation that theirs a chance of this happening which in the past has always fuel a price growth. This very well might be what we are seeing happening now with Ethereum. But it also begs the question if these large GPU farmers are chasing in their buildings, GPUs and power supplies for Ethereum and getting ready to run nodes. This in itself could inject millions into Ethereum.
What are you thoughts on the price increase of Ethereum and what's causing it?
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