As a reminder, the transition to Ethereum 2.0 involves the introduction of two crucial innovations. We are talking about the Proof-of-Stake consensus algorithm, which will replace miners with video cards with validators with stacks, as well as the introduction of so-called sharding. The latter will increase blockchain throughput by at least 64 times.


We have described the transition to blockchain version 2.0 in more detail in a separate article. It is important to note that key changes to the network were planned for as early as 2021. Accordingly, the developers of Ethereum are no longer invested in a predetermined timeline.

Etherium and other cryptocurrencies

When will Etherium 2.0 launch

Here’s a quote from developer Tim Beiko of the Ethereum Foundation, outlining what’s happening.

Ethereum 2.0 will not launch in June, but most likely in a few months. There is no exact date yet, but we are definitely in the final stages of Ethereum on Proof-of-Work.


As we have noted, Etherium is now running on the Proof-of-Work consensus algorithm, which involves confirmation of transactions by miners with video cards. In the new version of the blockchain, their role will be taken over by validators, who will guarantee their good intentions by locking coins into the cryptocurrency network. In this way, the network will become more energy efficient, meaning it will use less electricity.

In addition, Beiko had earlier recommended that cryptocurrency enthusiasts no longer invest in crypto farms to mine Etherium. Still, the transition to Proof-of-Stake will lead to the complete end of mining altcoin in its current form, i.e. using video cards. Instead, validators will support the network. To assume this role, users need to “deposit” at least 32 ETH into an Ethereum 2.0 smart deposit contract.


However, it is also possible to invest less. Now there are many platforms that allow users to invest other amounts of coins and get payouts proportional to their contribution, which is essentially creating a pool for users' coins. The most popular of these is Lido, through which more than 6 million ETH have been invested.

At the same time, the total amount of funds blocked in the deposit contract currently reaches the equivalent of $35.5 billion, according to Decrypt.

The amount of funds blocked in the Ethereum 2.0 deposit contract

Traditionally, we would like to remind you that 2Miners pool allows you to mine ETH using Proof-of-Work algorithm. Nowadays there are more than 165 thousand miners on this pool, and 126 thousand of them are mining ETH. Such popularity is due to high profitability, but also because it is possible to convert received ETH to BTCs. The details of this scheme are described here.

2Miners mining pool interface

Another Etherium developer has an equally interesting story to share. We’re talking about Virgil Griffith, who was arrested a few years ago for attending a cryptocurrency conference in North Korea. Now his case has gotten a new twist: Griffith has been sentenced to 63 months in jail and a $100,000 fine.

On Tuesday, US District Judge Kevin Kastel of the Southern District of New York ruled in Griffith’s case with the following quote, cited by Cointelegraph.

What you see is deliberate, deliberate, deliberate intent to violate the sanctions regime.

Arrested Efirium developer Virgil Griffith

In September 2021, Griffith pleaded guilty to conspiracy to violate the International Emergency Economic Powers Act, a law that prohibits US citizens from exporting any “goods, services or technology to the DPRK (North Korea) without a license from the Treasury Department and the Office of Foreign Assets Control (OFAC).”

That said, since the developer attended a conference in that country and essentially shared details about how blockchain works, his actions were seen as just that. One can argue about Griffith’s true intentions for a long time, but the verdict is in – the US has officially found the developer guilty.


We believe that the developers do have a chance of seeing the two blockchains merge in 2022. First, they have long identified this as the most promising task, so they will do their best to achieve it. Second, the developers are already behind schedule, so another delay could raise questions from investors. For now, however, PoW mining is working well and generating good income. You can start mining ETH - including with a single video card - at this link.