On June 30, the Gray Glacier hard fork occurred on the Ethereum network at block #15,050,000. The only purpose of the update was to delay the activation of the «difficulty bomb».
🧊Gray Glacier hard fork is successful 🧊
Nethermind nodes are fine. Block time will go back down to 13 seconds.
Difficulty bomb delayed 🙌 pic.twitter.com/NPkZMYhWHn
— Nethermind (@nethermindeth) June 30, 2022
This is the original code snippet of the Ethereum protocol, the implementation which exponentially increases the difficulty of mining. This is expected to make Proof-of-Work networking unprofitable as we transition to Proof-of-Stake (PoS).
The developers have repeatedly delayed the «complexity bomb». In June, they decided to do it again with the Gray Glacier update, tying it to their planned mainnet transition to PoS as part of the «merger» [The Merge].
As a result of the hard fork, the automatic increase in mining difficulty has been pushed back by 700,000 blocks, or approximately 100 days (until early October).
According to the team's forecast, The Merge will take place in August. Ethereum co-founder Vitalik Buterin also called this month the most likely time to make the switch. However, he allowed the event to be postponed to September-October in case of “potential risks”.
The Merge: what to expect from Ethereum's biggest update< /blockquote>
Because the Gray Glacier upgrade was a hard fork, it required node operators to upgrade accordingly.
«If you are using an Ethereum client that has not been updated to the latest version, it will be synced to the pre-fork blockchain as soon as the update occurs. You will be stuck on an incompatible chain following the old rules and will not be able to send ETH or operate on the network», the developers warned in the June 16 announcement.
According to Ethernodes, at the time of writing, already after the implementation of the hard fork, 73.4% of operators signal about software updates. Only the Erigon client has 100%, while the most popular Geth has 76%.
Recall that in June, the Ethereum team successfully switched the Ropsten test network to the PoS algorithm.
At the same time, the network was among the test blockchains that the developers decided to close. Only Goerli and Sepolia testnets will remain.
Read ForkLog bitcoin news in our Telegram — cryptocurrency news, rates and analytics.