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Comment by sputknick | Hacker News Reader

ETH PoS mainnet transition is underway and will be completed early 2022. With this holders of ETH will be able to earn fees from transactions, just by running an application on their standard normal computer. The only encouragement you need to move off of POW is profit motive.

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Hasn’t PoS been something “in the works” for ETH for something like 6 years now[1]? I don’t think anything guarantees its delivery in early 2022, it all seems like hopeful speculation until they deliver something.

[1] This stackexchange question dates back to 2016, the earliest evidence I could find of ETH proposing PoS. https://ethereum.stackexchange.com/questions/9/why-does-ethe...

This time it's very different. There are billions of dollars of ETH locked up in the staking contract, and proof of stake has been live and operating on the beacon chain for many months.

it took a long time to work it out, but it is running on the beacon chain and the consensus upgrade spec has now been merged: https://github.com/ethereum/EIPs/pull/3675

Haven't they been saying POS will be "ready soon" for years? Seems like maybe vaporware used for hype?

"The Ethereum proof of stake date has been set for December 1, 2020. While the proof of stake Ethereum date was originally set for January 2020, this deadline was missed."

https://www.exodus.com/blog/ethereum-proof-of-stake-date/

PoS is already working in Cardano, Tezos, and Algorand (among others).

There's a button you can click to stake ethereum on Coinbase, which seems a bit past the vapor stage.

Is that what a cursory Google search brings up? It actually did launch in December 2020, so that's awkward.

Some HN users are staking Eth and earning on Eth 2.0 contract, which functions on the Beacon Chain.

Both chains have not been merged yet, far from vaporware so I guess last decade called and wants its arguments back.

So do you think Eth miners will just write off their expensive GPUs and throw them into trash bin? It is rather obvious that they will switch to either fork (less probable) or to next best token (more probable).

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