Market Analysis Report (12 Aug 2022)

Ethereum core developers have discussed potential dates for the Merge upgrade on a Consensus Layer Call. The Merge will be split into two upgrades: Bellatrix and Paris, with the second being when the Merge is fully implemented.

The Ethereum Merge describes the network’s current mainnet merging with the Beacon Chain’s PoS system, setting the stage for future scaling upgrades, including sharding. The move is expected to reduce Ethereum’s energy consumption by 99.95%.

The move away from PoW is said to make the network cheaper, faster, and more environmentally friendly, however, it will also mark the end of an income stream for Ethereum miners who were being rewarded for securing the network.

The Paris upgrade is set to occur when the network reaches a certain total terminal difficulty (TTD), which is related to the network’s hashrate. Core developers debated which dates would be most suitable to target, with consensus falling on the 144896 epoch for Bellatrix, meaning September 6.

Developers set a tentative date of September 15 – at a TTD of 58750000000000000000000 – for Paris. These dates aren’t definitive yet and may be altered in the coming days or weeks. If Ethereum’s hashrate falls significantly, the dates may be manually altered.