Ethereum developer Tim Beiko stated that the merge would occur a few months later. The second merge test is expected to take place on Saturday, according to a tweet posted by Barcelona-based Ethereum 2.0 core developer “Dapplion”. The primary practice of the merge occurred before this April. Developers executed a “shadow fork” to explore different ideas before the genuine shift proof-of-stake took place.
The major technical upgrade was scheduled to take place in June. At this point, it appears that the second-largest blockchain will be able to transition to the proof-of-stake consensus mechanism this fall, but no specific date has been set. Having said that, Beiko confirmed that Ethereum was in its “final chapter” of proof-of-work.
The Beacon Chain, the core of Ethereum’s proof-of-stake protocol, was released in early December 2020. The new blockchain enabled ETH holders to convert their coins into ETH2 for staking. However, until the Beacon Chain merges with the main proof-of-work chain, ETH2 cannot be converted back.
Ethereum is supposed to decrease its carbon footprint after changing to proof-of-stake. As per the report, its power utilisation is supposed to drop by 99.95%. The update could be critical for Ethereum as digital currencies with positive environmental, social and Governance (ESG) qualities are ready to acquire prominence.
Aside from significantly reducing energy consumption, abandoning mining will allow Ethereum to reduce gas fees.
Read more:
Ethereum Foundation treasury has $1.6 billion: Financial Report
![Pinterest](https://pinterest.com/pin/create/button/?url=https://cryptoshrypto.com/ethereum-pos/&media=https://cryptoshrypto.com/wp-content/uploads/2022/04/eth-2.jpg&description=According to a tweet posted by Barcelona-based Ethereum 2.0 core developer "Dapplion".){kind=link}