Ethereum (ETH) developer Tim Beiko answered a question from an ETH investor and miner on Twitter about the new update.
According to Beiko, the final stage has been reached in abandoning the Proof of Work mechanism for ETH.
“We Have Come to the End of the PoW Mechanism for Ethereum”
Tim Beiko responded to a follower’s question on ETH mining on Twitter. An anonymous Twitter user asked the developer if it makes sense to buy new mining equipment right now.
In addition, the user also asked whether June, which is the target date previously announced by the developers for the transition to the Proof of Stake (PoS) mechanism of ETH, is still valid.
In his reply, Beiko said that Ethereum (ETH) will not be able to switch to the new consensus mechanism in June.
Contrary to his predictions, Beiko announced that the new update could take place a few months after June.
It won’t be June, but likely in the few months after. No firm date yet, but we’re definitely in the final chapter of PoW on Ethereum
— Tim Beiko | timbeiko.eth 🔥🧱 (@TimBeiko) April 12, 2022
In addition, Beiko added that the ETH Blockchain has entered its final phase in its history in the Proof of Work consensus mechanism.
In addition, Beiko said, “I strongly recommend that you do not invest in new mining equipment at this stage.”
The First Shadow Fork on ETH Has Been Lived Recently
Ethereum developers recently announced that they have started the final testing phases before “The Merge”. Kiln, the final test phase before Merge, was implemented in many ETH testnets.
In addition, on April 11, the first “shadow fork” in ETH history was launched on the main Blockchain. The developers announced that this experiment was successful, although there were some minor problems.
*Not investment advice.