Ethereum Delayed Merge, Price Falls Below $1550 in 24-Hrs -Breaking
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© Reuters Ethereum Delayed Merge, Price Falls Below $1550 in 24-Hrs- ETH developers confront potential delay in PoS convergence transition
- “Every extra week on PoW generates close to 1 million tonnes of CO2 emissions,” says the product manager for Teku.
- ETH plummets to $1.544, with a 11% decline in the past 24 hours.
In July 2021 (ETH’s) price fell to $1700, as it responded to increased selling pressures in the crypto market. However, this time it looks like ETH reacts to macro-economic factors and a possible delay in the transition to a PoS (proof-of-stake) blockchain.
CoinMarketCap reported that ETH fell to $1,544, a 11% drop in 24 hours, and a 10% decline in seven days. The price of Ethereum was the worst among the 10 top cryptocurrencies in the past seven days. It is followed closely by (DOT),(SOL), (DOGE),and (XRP).
On its oldest testnet Ropsten, three days ago, the Ethereum network merge upgrade was made live. This feat was celebrated by the ETH community, who said that a mainnet launch might be possible in August or September of this year. Although the Merge met with some difficulties, it was successful. Tim Beiko at ETH claims that these issues were fixed.
Part of the mechanism for moving to PoS is the Difficulty Bomb, which helps to increase the difficulty in mining. This bomb was created to incentivize miners to give up proof-of work (PoW).
The core developers of ETH agreed that they should leave the difficulty bomb in place for between two and four months so that enough time is available to migrate to a PoS consensus. ConsenSys lead product manager Ben Edgington of Teku, an Eth2 client, disagreed. He claimed:
Therefore, we are going to push back on the Ethereum difficulty bomb. We say it won’t delay the Merge. It is my sincere hope that it does not. Each extra week of PoW produces close to 1,000,000 tonnes CO2 emissions.
Ethereum merging is the long-awaited transition from its existing proof-ofwork system to a proof of stake consensus algorithm. PoS will allow the ETH network scale faster and to process transactions more efficiently. Currently, the ETH network is able to process between 15 and 45 transactions per second.
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