On January 27, statistics from Glassnodes indicated that the Ethereum hashrate has just set a new all-time high – 1.11 PH/s (1.11 quadrillion hashes per second) at the time – shattering the previous record of 1.08 PH/s.
Hashrate is a metric that represents the total computational power of the Ethereum network.
The new high was established less than a month after the Ethereum hashrate peaked at 1.08 PH/s on January 13. In theory, a higher hash rate signifies a better secure network and a reduced likelihood of a 51 percent assault.
The Ethereum Hashrate Has Reached a New All-Time High
If the hash rate is too low, the network may suffer since there will be fewer nodes, resulting in slower transactions, less security, and more expenses.
2022 is a pivotal year for Ethereum, as the community eagerly awaits the release of Ethereum 2.0. This upgrade will change the network’s consensus algorithm from Proof-of-Work to Proof-of-Stake.
The ETH team will address some of the existing blockchain’s security and scalability challenges by adopting this update.
The Proof-of-Stake Process Is Due to begin
The Ethereum network is now hard at work on the most significant update to Ethereum 2.0 in its history. Following several prior renovations and delays, the event is set to last until at least 2022.
Among the three steps of the upgrade are the beacon chain, sharding, and the merging. As a result of the upgrade, Ethereum will no longer rely on energy-intensive new coin mining. Instead, the network will convert from Proof-of-Work to Proof-of-Stake.
Instead, validators will stake their Ethereum holdings in the network to validate new transactions.
The Ethereum 2.0 project is nearing completion and will be released soon. In terms of scalability and energy efficiency, Proof-of-Stake (PoS) blockchains will beat Proof-of-Work (PoW) blockchains.
However, it is possible that combining the Ethereum PoW system with the new PoS network would take several years.
When the network transitions to a PoS method in the medium term, Ethereum mining will be phased out. Users will be unable to move ETH across chains during this period.
ETH 2.0 is no longer available
The Ethereum Foundation announced earlier this week that Ethereum, the second biggest blockchain, has replaced outmoded words like “Ethereum 1.0” and “Ethereum 2.0” with new ones in order to avoid future confusion and misconceptions about network nomenclature.
The team took this choice because some people instinctively assume that ETH 1.0 comes first and ETH 2.0 arrives later, or that the publishing of ETH 2.0 will remove ETH 1.0. Either one of the two assertions is false.
Ethereum developers have been working hard to improve and integrate the present PoW mechanism with the PoS chain. The therapy is planned to be completed by June of this year.
Another important purpose of the change is to minimize fraud instances. The name change is being implemented in response to the present increase in fraudulent financial activities. According to the team, scammers seldom utilize the linked numbers to deceive naïve people about the network.
Consumers are frequently mislead into assuming that they must upgrade from their current consensus technique to ETH 2.0. The vast majority are perplexed and lose money.
Ethereum has published the Arrow Glacier upgrade in order to postpone the difficulty explosion. This method will render ETH mining unfeasible by the middle of the year.
The bomb will no longer exist on the network after Ethereum adopts the PoS paradigm because validators will require less computing power to authenticate transactions.
There will be no more ETH 1.0 or ETH 2.0, and Ethereum blockchain users may expect the network to be more scalable, secure, and long-lasting following the update than most of its present competitors.