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Ethereum Dev says the Merge could be delayed for a few months, but’strongly suggests’ not investing in ETH Mining Rigs

Ethereum Dev Says The Merge Could Be Delayed a Few Months, 'Strongly Suggests' Not Investing in ETH Mining Rigs

According to Ethereum developer Tim Beiko, The Merge is likely to be pushed to the third quarter of 2022. Despite the delay, Beiko also said he “strongly suggests not investing more in mining equipment at this point.”

The Merge May Be Delayed, Ethereum Hashrate Taps a New ATH

Four days ago, Bitcoin.com News reported on ethereum miners hashing away at the blockchain at great speeds just before The Merge happens. The Merge refers to Ethereum’s transition from proof of work (PoW), to a fully proof-of stake (PoS) system. On April 7, 2022, Ethereum’s hashrate tapped an all-time high (ATH) at 1. 131 petahash per second (PH/s).

Today, Ethereum’s hashrate hit another ATH at 1. 148 PH/s, according to metrics stemming from the three-month chart hosted on coinwarz.com. The day prior, in a Twitter thread, Ethereum developer Tim Beiko published a core developers update.

Tim Beiko: ‘We’re Definitely in the Final Chapter of PoW on Ethereum’

In a Twitter thread, Beiko was asked by an individual if Ethereum miners have been responsible for securing the network. An individual asked Beiko if Ethereum developers would be “left out of the water .”

Beiko replied to the person, explaining that he wouldn’t invest in any new mining equipment. “I would strongly suggest not investing more in mining equipment at this point,” the Ethereum developer tweeted. The individual then asked Beiko if developers had planned for the “plug pull”, or if the ether miners have more time. Beiko replied to the question with

It won’t be June, but likely in the few months after. We are certain that we are in the last chapter of PoW on Ethereum.

These statements suggest that ether miners have more time before The Merge’s “plug Pull.” The statements indicate that ether miners will still have some time until the Merge’s “plug Pull.” The Innosilicon A Pro At the time of writing, the Innosilicon A11 Pro ETH miner (1,500 MH/s) can score $54. 30 per day in ether profits with $0. 12 per kilowatt-hour electrical costs and today’s ether exchange rates.

What do you think about the comments from Ethereum developer Tim Beiko concerning delaying The Merge?

2022What do you think of the comments from Tim Beiko regarding delaying The Merge?

Jamie Redman

Jamie Redman, a journalist and financial tech expert living in Florida, is the News Lead at Bitcoin.com News. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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Ethereum

Ethereum Price Analysis: ETH Explodes Above $3K, Charts 20% Weekly Gains

Ethereum has seen a significant uptick in buying pressure near the $2.4K support level, driving an impulsive price surge and reclaiming several key resistance regions. This action is signaling a potential shift towards a bullish market sentiment, with higher price levels expected in the mid-term.

By Shayan

The Daily Chart

The daily chart shows that intensified buying near the channel’s middle boundary of $2.4K has sparked a substantial upward move, allowing Ethereum to break through several critical resistance points:

  • The 100-day moving average at $2.5K
  • The descending channel’s upper boundary is around $2.8K
  • The 200-day moving average at $3K

This strong performance suggests a bullish shift, with Ethereum reclaiming these resistance levels. Additionally, crossing the psychological $3K threshold reinforces a positive market sentiment, raising the possibility of reaching a new all-time high by year-end. However, a brief consolidation corrections phase might be necessary to sustain this trend healthily, allowing for potential profit-taking and market stabilization.

eth_price_chart_0911241
Source: TradingView

The 4-Hour Chart

The 4-hour chart shows an initial surge from $2.4K, the lower boundary of the descending flag pattern, where buying pressure has been strong. Ethereum has now surpassed the $2.8K resistance, which had acted as a significant barrier in recent months.

This break highlights buyers’ intent to increase the price, with eyes potentially set on a new ATH.

Currently, Ethereum is approaching $3.1K, the flag’s upper boundary, where notable selling pressure may emerge. Given the impulsive nature of the recent increase, a short-term rejection followed by a temporary corrective retracement seems possible. In this case, a brief correction toward the support range of $2.7K —$2.6K (bounded by the 0.5 and 0.618 Fibonacci retracement levels) would be beneficial, setting the stage for a healthier uptrend.

eth_price_chart_0911242
Source: TradingView

By Shayan

The fund market premium metric is an essential indicator, as it reflects the difference between a fund’s market price and its Net Asset Value (NAV). When the premium is elevated, it suggests strong buying pressure within a specific region, indicating that investors are paying a higher price for fund shares relative to the underlying assets.

This premium metric substantially declined from mid-November 2021, when Ethereum reached its all-time high. This decline aligned with waning interest in Ethereum funds, a typical response as investors became cautious during the subsequent bear market.

However, a pivotal shift occurred as Ethereum reached its bear market low. The premium metric started to rise modestly, marking a return on investor interest. Since January 2023, this premium has steadily increased, signaling a resurgence in confidence for Ethereum-backed assets. Recently, the premium moved above zero, revealing positive market sentiment and suggesting robust demand for Ethereum funds.

In summary, the positive shift in the premium metric is a promising sign of renewed market optimism. If this trend persists, it could reinforce Ethereum’s broader price momentum, potentially contributing to its future price growth trajectory.

eth_funding_rate_premium_chart_0911241
Source: TradingView
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Ethereum

Ethereum Bear Liquidated for $23M as ETH Eyes $3K, BTC Notches New ATH

Bears shorting the market continue to be on the wrong side of the spectrum as almost all cryptocurrencies are charting more gains ever since Donald Trump won the 2024 US presidential elections.

In the past few hours alone, BTC tapped a fresh peak at over $77,000, while ETH is itching closer to $3,000, and a particular whale was caught off guard on BitMEX.

It has been a rather spectacular week for the cryptocurrency market. It all started as it became evident Trump will be the next US president on Wednesday morning. Bitcoin, which has been praised by the Republican candidate during his campaign this time, led the charge and broke its March all-time high of $73,737 on Wednesday.

That was just the beginning for the largest digital asset as it kept pumping after the Fed’s rate cute yesterday to notch a then-all-time high of $76,800. After a brief retracement today, BTC went back on the offensive hours ago and exceeded $77,000 for the first time ever. CoinGecko data shows that its current all-time high is at $77,020.

But the altcoins are left behind no more. Ethereum has awakened after its sluggish summer and skyrocketed by 19% on a weekly scale. As such, ETH is close to $3,000 for the first time in over three months.

Data from CoinGlass shows that these price increases have led to over $260 million in liquidations over the past day. More than 90,000 over-leveraged traders have been wrecked, while the single-largest position took place on BitMEX and it was a big one.

Interestingly, this time the whale in question had shorted Ethereum, unlike the previous BTC bear from earlier this week. The value of the wrecked position is close to $23 million.

Liquidation Heat Map. Source: CoinGlass
Liquidation Heat Map. Source: CoinGlass
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Ethereum

Michigan State Retirement Fund Now Holds More Ethereum Than Bitcoin

The State of Michigan Retirement System (SMRS) has significantly increased its Ethereum (ETH) holdings, raising its investment to $10 million and surpassing its Bitcoin (BTC) allocation.

This move makes Michigan the first U.S. state pension fund to invest in an Ethereum-based exchange-traded fund (ETF).

Michigan Pension Fund’s Crypto Portfolio

SMRS, which boasts more than $13 billion in assets, began exploring cryptocurrency earlier this year as part of a broader diversification strategy.

In July, it got into BTC with a $6.6 million purchase of ARK 21Shares’ spot Bitcoin ETF, more than six months after the Securities and Exchanges Commission (SEC) approved the investment product.

According to a recent SEC filing, SMRS now holds 460,000 shares in the Grayscale Ethereum Trust (ETHE), valued at about $10.07 million. It also owns another $1.12 million worth of Ethereum Mini Trust shares. Combined, these holdings total nearly $11 million exclusively in Ethereum-based ETFs.

This increased allocation means that SMRS now has more money invested in Ethereum than Bitcoin, given that its ARK 21Shares position is valued at approximately $7 million.

More U.S. States Embrace Crypto Investments

Michigan’s focus on Ethereum reflects a growing interest among U.S. states in the broader potential of digital assets. In Florida, Chief Financial Officer Jimmy Patronis recently advocated for Bitcoin’s inclusion in the state’s retirement system.

In a letter to the Florida State Board of Administration, Patronis cited the state’s strong economic performance and history of innovation as reasons to explore Bitcoin. He proposed a “Digital Currency Investment Pilot Program” to diversify the Florida Growth Fund into such asset classes.

Wisconsin has also allocated a small portion of its pension funds to crypto assets. In August, the State of Wisconsin Investment Board (SWIB) announced it had increased its holdings in BlackRock’s iShares Bitcoin Trust (IBIT) by 447,651 shares.

Meanwhile, Arizona’s state Senate has advanced legislation to add digital assets to its retirement system, with Wyoming and Nebraska enacting laws to attract cryptocurrency mining and establish a regulatory framework for crypto banks.

Pennsylvania’s legislative assembly also recently advanced a “Bitcoin Rights” bill to clarify the state’s regulations on digital assets. If Governor Josh Shapiro signs it, Pennsylvania will join other states in setting its digital asset regulations amid ongoing uncertainty perpetuated by policies like the SEC’s “regulation by enforcement” approach.

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