Breaking: Ethereum Merge Progress 96% Complete, Developers Confirm Final Date

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Ethereum Merge progress is 96.55% complete, according to the “Ethereum The Merge Countdown” data on OKLink. The network hash rate has fallen below 900 TH/s but it is still over the ideal level, confirming the Merge to happen on September 15.

Moreover, Ethereum core developers have confirmed the final mainnet terminal total difficulty (TTD) of 58750000000000000000000 during the Core Developers Meeting on Thursday. It means the Merge will go live in the next 27 days on September 15.

Ethereum Developers Confirms Merge for September 15

According to blockchain explorer OKLink’s “Ethereum The Merge Countdown” data, the Ethereum Merge progress is now 96.55% complete. The Ethereum network hash rate has fallen below 900 TH/s, currently near 885.23 TH/s. If the hash rate remains near 879 TH/s, the Merge is most likely to happen on September 15.

Moreover, Ethereum co-founder Vitalik Buterin earlier confirmed that the exact date depends on the hash rate. The Ethereum network needs an average hash rate of 872.2 TH/s to achieve the TTD of 58750000000000000000000 on September 15 at 04:44 UTC.

The Mainnet is set to merge with the Beacon Chain triggered by a TTD at 58750000000000000000000. It will transition Ethereum to PoS automatically, with no downtime in the blockchain.

How the Upgrade Will Impact the Ethereum (ETH) Price

With all preparations for the Ethereum Merge now completed, the Ethereum (ETH) price may witness short-term gains before the upgrade. However, the rally will be short-lived.

Ethereum core developer Tim Beiko on Thursday confirmed the completion of the Merge Mainnet Readiness Checklist. Moreover, Ethereum Foundation had confirmed no change in gas fees, transaction speed, and ETH staking and withdrawals after the Merge.

As a result, the price fails to show upside momentum. Also, Ethereum will become a deflationary asset after the Merge, which will reduce its price. Investors can expect a true rally only after completion of the Surge, Verge, Purge, and Splurge phases. The Ethereum (ETH) price will remain volatile until then, as per crypto analysts.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Time Stamp: August 19, 2022August 20, 2022