Change type. Click for search in Exxeble Search Engine.


Rachel Welch

17 November 2022 113 Read Altcoins

Ethereum Gray Glacier Upgrade

Ethereum has announced that its network is undergoing an upgrade called Gray Glacier. This upgrade will change the parameters for the Difficulty Bomb and delay it by 700,000 blocks, or roughly 100 days. The upgrade is scheduled to take place on 30 June 2022, at 08:00 UTC. This is subject to change due to variable block times and time zone differences.

Hard fork

The Ethereum network has just gone through a major hard fork, with the Ethereum Gray Glacier upgrade. This update will delay the difficulty bomb by about 700,000 blocks, and requires the users of the Ethereum network to update their clients. Otherwise, they will not be able to send transactions on the post-upgrade network. To prevent this, users should update their Ethereum clients before September 9th. However, some users will be left out of the upgrade process.

The Ethereum Gray Glacier upgrade is expected to occur on 30 June 2022. The upgrade will change the parameters of the Difficulty Bomb, delaying it by about 700,000 blocks, or roughly 100 days. The upgrade will take place at block 15,050,000, and is expected to go live on 30 June 2022 at 08:00 UTC. However, this date is subject to change due to time zone changes and variable block times.

Network upgrade

The Ethereum Gray Glacier Network upgrade will force node operators to upgrade or risk being stuck on the old pre-fork blockchain. This will prevent them from sending Ether or operating on the post-upgrade Ethereum network. According to a recent Ethernode survey, about 71% of clients are ready for the switch, while only about one in five miners is not ready. The switch will affect only the mainnet and not the testnet or Ropsten.

The upgrade will be made live on the Ethereum mainnet on June 29. This is a step towards implementing a proof-of-stake consensus mechanism. The upgrade will take place at block 15,050,000. If the nodes do not upgrade by that date, they will continue to be stuck on the old chain.

Impact on ETH transactions

The Ethereum network has recently received a new upgrade called the Ethereum Gray Glacier. The upgrade is a network hard fork that will add new rules to the Ethereum network. It will also require all node operators to upgrade to the latest client version. If they fail to do so, their clients will no longer be able to send or receive Ether.

The Ethereum Merge was completed on 15 September 2022 at 12:18 pm IST. By the time the hard fork occurred, the cryptocurrency markets were already down by more than 8%. A number of other asset classes were falling as well, and Ethereum prices were no exception. The Ethereum price had dropped to $1500 at this time, and the market cap had lost over 8%.

Impact on ETH tokens

Ethereum is undergoing an upgrade, called the Gray Glacier, that will cause transactions on the network to be suspended from 09:43 UTC on Wednesday. The upgrade is a system change that will increase the difficulty level of the Ethereum network. It uses a proof-of-work consensus method that relies on faster computation of arithmetic puzzles, which requires GPUs to perform. As a result, the process is energy-intensive, but it promotes technological advancement and energy conservation.