Ethereum Floating Above US$1k

Ethereum (ETH) is one of the most significant altcoins in the market and one of Bitcoin’s biggest competitors.

For the past few months, since the fall of the BTC price, the crypto investor community has been rooting for Ethereum to take over Bitcoin as the world’s most prominent cryptocurrency.

But looks like this dream will soon shatter because when the king goes down, the kingdom also breaks into pieces. Ethereum (ETH) is down 11.2% on the day and almost 30% on the week.

The delay on the ‘difficulty bomb’ brings more bad news for Ethereum investors who were wishing for the completion of the Ethereum Merge upgrade in August.

The upgrade was first started by ConsenSys researcher Mikhail Kalinin, but as days passed by, the Ethereum upgrade work has been undertaken by several developers from the broader community.

The Merge aims to migrate Ethereum from its energy-intensive proof-of-work algorithm to the proof-of-stake algorithm.

Buterin has signified that the upgrade will most probably be launched by August, in case there are no significant issues.

Ethereum mining becomes unprofitable for the first time since 2020

According to FXS, Ethereum mining has become unprofitable for many users connected to the traditional energy grid for the first time since 2020.

Ethereum prices hit a low of US$1,188 while energy prices skyrocketed.


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