This new update is the biggest update arguably in Ethereum’s history. This transition to its proof of Work self has many implications and has had many delays until its final transition on Sep 15, 2022.

Why you might ask does this matter in the slightest. Well speaking in terms of energy consumption the network is experiencing a 99.5% less energy pull. This comes from a transition from Proof of Work mining using GPU miners to now using Proof of Stake.

In order to be able to become a validator for the ETH network you must hold at least 32 ETH. That approximately equates to $42,176. Then you must Stake that ETH and then you will be able to earn rewards for handling validation duties. Also, if you don’t have $40,000 + laying around then you can also join a mining pool in which you can stake your ETH with others so that you can partake in receiving rewards for staking. These rewards will allow you to earn a variable APR on your investment, not to be confused with a fixed APR.

From my own experience holding ETH is an investment for the future as this transition to ETH 2.0 will take many years to fully implement. So capitalizing on your opportunity cost while prices are down is a good idea.

Vitalik Buterin is the main co-founder and programmer for ETH. Vitalik has a good sense of humor and is using an incremental approach into this transition of ETH into ETH 2.0 as the names for each part of the upgrade are the Surge, Verge, Purge, and Splurge. Vitalik belives at this stage of the proccess we are roughly 55% of they way complete. At the moment ETH can only proccess 30 transactions per second at the end of the upgrading proccess the scalability of the chain will be much greater as Vitalik belives he can extract over 100,000 transactions per second. That would allow more users to transact on the network and not have to pay high gas fees associated with sending crypto.