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Could the Ethereum 2.0 Network be Delayed?

Could the Ethereum 2.0 Network be Delayed?

10 Nov 2020

Reading Time: 2 minutes

We are all excited about the launch of the Ethereum 2.0 network on December 1st as this will change the way we mine for ETH, but will the launch be delayed until next year?

Early last month, we outlined what needed to happen for the Ethereum 2.0 Network to launch without a hitch. One of those was a certain amount of Ethereum which had to be deposited into the new network. For it to be up and running, 524,288 ETH or $230 million was needed. Now, with three weeks left until the launch, they only have 50,846 ETH or $22 million.

This is very serious as it could signal a delay in the network, which will affect the price and the confidence that companies and investors had in the update. For the network to launch it needs to meet the minimum requirements of 524,288 ETH, seven days before the launch day. This means they need over 400,000 ETH within the next two weeks. 

A significant factor that may be stopping people from depositing into the network is the fact that once it goes in, they will not be able to withdraw it until the next update which could be a few years. You need to deposit 32 ETH to start mining and right now Ethereum’s price is $641 AUD. This works out to be $20,312 AUD, which is a massive investment for anyone.

Will the network update be delayed?

All signs are pointing to yes, but there is a slight ray of hope as some of the OG (original) Ethereum miners have come up with a solution.

Crypto trading firm DARMA announced an innovative solution to the issue of people worried about their deposit being stuck. They have announced what is being called "liquidStaking". This means that anyone who deposits 32 Ethereum into the network will receive a loan of USDC which they can still spend while earning the passive Ethereum on the network.

This is just another case of the community helping each other out for the betterment of cryptocurrency. This will ease any worry people have about the multi-year lockdown of the Ethereum they deposit and encourage others to participate in the new network.

This will be by far the most significant and most adventurous update a cryptocurrency has gone through and will serve as a test to see how far the industry can grow. Also, how well those participating can adapt to change as the mining method is being completely altered to a proof of stake method.

Many who built mining PC rigs will not need them for Ethereum mining in the future. However, right now, they will still support traditional mining, so do not throw them away just yet.

This story is still developing, and we will keep you updated about when and if they reach their Ethereum requirement. 

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