The Ethereum Merge progress is now 99.76% complete as Ethereum clients and developers work continuously to successfully complete checklists and preparations such as releases and upgrades. Moreover, almost 85% of nodes on the Ethereum network have upgraded to the latest client releases. With the network hash rate falling below 872 TH/s, the Merge will now trigger on September 15.
Ethereum All Set to Transition to Proof-of-Stake (PoS)
According to OKLink’s “Ethereum The Merge Countdown,” the Ethereum Merge progress is 99.76% complete as Ethereum clients, developers, and users are all set with preparations. The Ethereum Mainnet (execution layer) will merge with the Beacon Chain (consensus layer), transitioning Ethereum from PoW to PoS.
The Bellatrix upgrade on the consensus layer on September 6 has prepared the Beacon Chain for the Merge. Also, the Paris upgrade on the execution layer will prepare the Mainnet for the Merge. It will be triggered by the terminal total difficulty (TTD) of 58750000000000000000000 on September 15. Almost 13 minutes after the Paris upgrade, Ethereum will transition to PoS when a Beacon Chain validator finalizes a block.
It marks the end of PoW, making Ethereum miners obsolete. However, Ethereum’s energy consumption will reduce by 99.95%. Most Ethereum mining pools expressed support for ETC mining as Ethereum shifts to PoS.
Last month, Ethereum developers claimed a network hash rate of 872 TH/s is enough to trigger the Merge on September 15. However, the hash rate jumped to nearly 900 TH/s, estimated the Merge on September 14. The network hash rate has dropped after the Bellatrix upgrade.
Thus, as per Ethereum Foundation’s recommended tracker, the Merge is estimated to happen on September 15 between 02:00-04:00 UTC. The remaining blocks left for mining are 11344.
Furthermore, almost 85% of nodes on the Ethereum network have upgraded to the latest client releases. Notably, 83% Go-Ethereum (geth), 91% Erigon, 99% Besu, and 92% Nethermind execution layer clients’ nodes are ready.
Analysts Bearish on Ethereum (ETH) Price Ahead Merge
Crypto analyst Big Cheds believes Ethereum Merge is a “buy the rumor, sell the news” event. As Ethereum (ETH) price jumped above $1750, some profit booking has been seen. If the ETH price dives below $1700, it would trigger shorts. Other analysts also expect a downward movement as ETH loses momentum.
At the time of writing, the ETH price is trading at $1,716, down nearly 3% in the last 24 hours. Here’s how Ethereum price may move after the Merge