The Ethereum Bellatrix upgrade has been completed, marking the final step before the highly anticipated Ethereum Merge occurs. The merge is expected to take place between September 13th to 15th, and will combine the proof-of-stake chain with the current execution layer. However, the difficulty bomb built into the protocol is set to increase the complexity of proof-of-work calculations, making mining more difficult, which could force Ethereum miners to seek out new homes. Alternative proof-of-work coins such as Ethereum Classic, Flux, Ergo, and Kaspa are potential options for miners to shift to, with Kaspa’s use of GHOSTDAG technology touted as a significant development in the space.
The Ethereum Merge and the Difficulty Bomb
Ethereum is about to undergo a major change with the upcoming Ethereum Merge, but before this can happen, the network will experience the difficulty bomb. This is a built-in update meant to incentivize the transition to proof of stake by significantly increasing the complexity of proof-of-work calculations, which will make it harder for miners to process transactions. As a result, miners will have to find new homes for their hashing power, which will likely lead to changes in the blockchain space.
The Bellatrix Upgrade and the Merge
The Bellatrix upgrade was the final step before the Ethereum Merge, which will combine the proof-of-stake chain with the current execution layer. According to Vitalik Buterin, the merge is expected to happen around September 13-15. However, the merge will not be implemented at a specific block but rather when Terminal Total Difficulty (TTD) reaches a certain number.
Ethereum Classic, Ravencoin, Flux, Ergo and Kaspa
As miners leave Ethereum, they will need to find new homes for their hashing power. Ethereum Classic and Ravencoin are some of the well-known options available. However, there are lesser-known proof-of-work coins that can offer new opportunities for miners. Flux, formerly known as Zelcash, has seen a significant increase in hashrate over the past month, with the price also correlating with the increase. Ergo has also seen a similar trend, with an increase in both hashrate and price over the past week.
Kaspa is a lower market cap coin with a higher hashrate than Ethereum Classic, Flux, and Ergo combined. The blockchain uses a consensus mechanism called GHOSTDAG, which allows simultaneous blocks to be processed, making it 600 times faster than Bitcoin. Kaspa was referenced in the Ethereum Whitepaper, and its founder, Yonatan Sompolinksy, is a serious player in the blockchain development world.
The Ethereum Merge and the difficulty bomb will have a significant impact on the blockchain space. Ethereum miners will have to find new homes for their hashing power, which will likely lead to changes in the market. Ethereum Classic, Ravencoin, Flux, Ergo, and Kaspa are some of the options available, with each offering unique advantages. The merge is expected to happen around September 13-15, but the exact date is determined by TTD. The future of Ethereum and the broader blockchain space is uncertain, but it is clear that change is on the horizon.