Ethereum mining shutdown pushed back to October 2022 due to algorithm errors
The developers of Ethereum blockchain and the cryptocurrency of the same name plan to move the transition to a new model, which will not require the participation of miners. This is reported by Bloomberg agency.
It is noted that the developers of the network conducted a rehearsal of the launch of a special algorithm designed to gradually shut down the process of mining Ethereum, or ether. In the process of updating the test subnet Ropsten encountered errors, due to which the transition is now planned not in August, but in September-October 2022.
This is about the special code “Complexity Bomb,” which has existed in Ethereum since its launch. Its launch instantly increases the complexity of mining the cryptocurrency, and in the end makes the process impossible.
Earlier, Ethereum cryptocurrency creator Vitalik Buterin said that the network will switch to the Proof-of-Stake (PoS) algorithm in August 2022.
Ethereum, like bitcoin, currently uses a consistent protocol called Proof-of-Work (PoW). There is no need for miners to generate processing power to keep the PoS network running. Ethereum will be kept running by holders of digital coins who receive a fee for storing them.