At approximately 19:15 UTC (00:45 IST on March 1st) at block number 7,280,000, the world’s most popular altcoin Ethereum will be set for its next big system-wide upgrade. Ethereum will be undergoing two simultaneous upgrades – Constantinople and St. Petersburg – which will bring large changes to its code. Notably, Ethereum’s previous hard fork plans were delayed following the last-minute discovery of a security vulnerability. The entire community is now hoping that the hard forks happen without any glitch!
While most of the changes will be from a technical standpoint not relevant to the average user, one big change is the reduction in block rewards. Once these upgrades are activated, Ethereum miners will only get 2 ETH as block rewards compared to 3 ETH that they are getting now. The change is part of Ethereum’s planned move from Proof of Work (PoW) to Proof of Stake (PoS) consensus mechanism.
While retail users using compatible wallets or exchanges will not need to do anything for the upgrade, miners and node operators need to upgrade to the latest version of the Ethereum client. You can view the countdown timer here whereas the network upgrade can be monitored in real time here.
Indian Cryptocurrency Exchanges Supporting Ethereum’s Hard Fork
Most of the leading Indian cryptocurrency exchanges have already announced that they will be supporting the Ethereum Constantinople and St. Petersburg hard forks. Most leading international exchanges are also supporting the upgrade, but we urge you to look at official announcements on their social handles for confirmation.
The Impact on Ethereum’s Price
We do expect some volatility to be present in the ETH price before upgrade, according to historical price movements. Typically, investors stay away from trading during hard forks, so we do not expect much movement during or just after the upgrade. However, if something goes wrong with the upgrade, expect the ETH prices to take a hit! Ethereum has been largely steady over the last 24 hours and is currently trading at $137.98 (₹9782).