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Vitalik Buterin named the deadline of the Ethereum mining shutdown

Vitalik Buterin named the deadline of the Ethereum mining shutdown

The creator of the world's most capitalized altcoin revealed the date the network is expected to switch from the current Proof-of-Work algorithm to Proof-of-Stake, an algorithm that does not involve the participation of miners.

As reported by journalist Willy Wu, the creator of the cryptocurrency Vitalik Buterin, announced during a Shanghai summit that the Ethereum network transition to the Proof-of-Stake algorithm will take place in August this year. In case of unexpected circumstances, the update may be postponed until September or October.

The Ethereum blockchain currently runs on the Proof-of-Work (PoW) consensus algorithm. The main difference between PoS and PoW is that you don't need miners to generate processing power to keep the PoS network running. Digital coin holders make the blockchain work and get rewarded for it. This process is called staking.

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