The Ethereum (ETH) network has been preparing for a while to transition from a Proof-of-Work (PoW) system to a protocol based solely on a Proof-of-Stake (PoS) consensus algorithm.

The ETH community is currently operating a parallel system utilizing PoW and PoS via Beacon Chain, and the ultimate goal of PoW will be phased out.

ETH price is up 107% so far and up 14.1% in the last two weeks. The cost of a validator is currently 32 ETH ($94,400).

ETH price chart | Source: Trade View

The number of ETH 2.0 validators currently stands at 301,367, up 9.15% from 275,594 at the start of the year. Currently, the ETH 2.0 smart contract holds 9.69 million ETH in deposits (over $29.3 billion). Deposits are added to the deposit contract at regular intervals in the amount of exactly 32 Ether per deposit.

Number of ETH 2.0 validators | Source: Beaconcha.in

Launched in December 2020 during ETH ‘s Serenity upgrade, Beacon Chain has two different types of validators known as proposers and validators. While proponents support the minting of new blocks, a validator processes the block’s transactions. Instead of miner pools getting rewards for Ethereum blocks, validators are rewarded by staking through the beacon chain.

Ethereum hashrate reaches ATH

Ethereum mining pools are currently operating at record capacity. Ethereum’s hashrate is currently at an all-time high of 1.08 petahash per second (PH/s).

As the number of ETH deposits and validators grows, no one is sure when exactly the full transition to a PoS-based Ethereum 2.0 system will occur.

In December 2021, Arrow Glacier delayed the Mining Difficulty Bomb until June 2022.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page