The transition of the blockchain to the new Proof-of-Stake mechanism means the abandonment of cryptocurrency mining. Initially, the procedure was supposed to be carried out in August, but now the dates have been shifted.
Bloomberg reports that the start of the algorithm, which in fact will almost completely block the possibility of token mining, is scheduled for September-October 2022. According to one of the main creators of the blockchain, Tim Beiko, the team held a “dress rehearsal” in the Ropsten subnet. Beiko also claims that the probability of switching from the Proof-of-Work model to Proof-of-Skate in 2023 is equal to a negligible 10%.
At the moment, the team of ETH creators is working on the errors that occurred during the test launch of the corresponding software. At the time of publication of the news, 1 ETH is worth $1226. The token reached its maximum value in November 2021, when one could get $4812 for one coin. Since that moment, the cost of ether has not reached such values, and since May 8, the price of the cryptocurrency as a whole has been steadily falling.
Bloomberg reports that the start of the algorithm, which in fact will almost completely block the possibility of token mining, is scheduled for September-October 2022. According to one of the main creators of the blockchain, Tim Beiko, the team held a “dress rehearsal” in the Ropsten subnet. Beiko also claims that the probability of switching from the Proof-of-Work model to Proof-of-Skate in 2023 is equal to a negligible 10%.
At the moment, the team of ETH creators is working on the errors that occurred during the test launch of the corresponding software. At the time of publication of the news, 1 ETH is worth $1226. The token reached its maximum value in November 2021, when one could get $4812 for one coin. Since that moment, the cost of ether has not reached such values, and since May 8, the price of the cryptocurrency as a whole has been steadily falling.
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