Ethereum’s (ETH) Constantinople Hard Fork: 24 Hours to Go
There are currently no indications the fork would be delayed again.
The Constantinople hard fork for the Ethereum (ETH) network will most likely happen within the next 24 hours, at some point on February 28. Most major exchanges and wallet producers are on board with the upgrade, which will not be noticed by regular users.
Notably, the Constantinople hard fork will decrease the block reward to 2 ETH, further discouraging Ethereum mining with the aim of switching to proof-of-stake in the future. Other upgrades will make some distributed computing operations cheaper for distributed app creators.
For regular users or those with funds on leading exchanges, nothing will change. Node operators will need to upgrade to the latest versions of the Geth or Parity wallets and node software.
Ahead of the hard fork news, ETH market prices inched up to $139.88. However, the planned nature of the hard fork has not managed to create extraordinary hype. Ethereum mining has stagnated to around 154,000 TH/s in preparation for the hard fork. The upgrade will also once again delay the “mining ice age,” where finding blocks becomes increasingly more difficult. In the coming days, this may lead to a renewed interest in ETH mining. The delay of the “mining time bomb” aims to allow the Ethereum team enough time to implement complete proof-of-stake.
The network went through two similar hard forks in the past, the more recent one being Byzantium in the fall of 2017. Ethereum has also implemented one contentious hard fork, as a result of which Ethereum Classic (ETC) came to be. There have previously been suggestions for emergency hard forks to repair the Parity multisig wallet hack, but it was decided to preserve the state of the network instead of rolling back the transactions.
Ethereum is evolving at a time when new projects start with staking and nodes from scratch. The attempt to unleash distributed computing has led to increased competition, but for now, Ethereum remains one of the better-known networks for apps and smart contracts.