An upgrade to the Ethereum network called “Arrow Glacier” goes into effect today (December 9).
The upgrade pushes back the so-called “difficulty bomb,” which could potentially slow or freeze mining on Ethereum, back to June 2022. By that time, developers hope to have transitioned Ethereum from a “proof of work” model for mining to a “proof of stake” model.
Currently, Ethereum operates on a proof of work model, where miners must solve complex puzzles to validate transactions. This model gets a lot of criticism due to its environmental impact, as it requires an extreme amount of computer power.
In 2022, Ethereum plans to shift to a proof of stake model, where users can only validate transactions according to how many coins they hold, rather than the energy-intensive mining rigs used now. This transition is part known as “Eth2.”
Eth2 will be hugely impactful since it will change the Ethereum infrastructure and ultimately make mining obsolete. Delaying the “difficulty bomb” now will give developers more time to work on Eth2 before the shift.
Once implemented, Eth2 aims to make Ethereum more scalable, secure and sustainable. Proof of stake is expected to reduce the environmental impact of Ethereum by 99%.
Currently, Ethereum is trading at $4,315.00 per digital token, according to Coin Metrics.
