• The number of Ethereum nodes briefly exceeded those in the Bitcoin network.
  • With the launch of ETH 2.0 just a few hours away, the smart contracts giant is capturing all the hashing power.

The level of participation in the Ethereum network has risen by about 13% from where it was on November 15. The number of Ethereum nodes briefly out paced those of Bitcoin, in anticipation for the ETH 2.0 upgrade.

Ethereum network at full speed up as ETH 2.0 approaches

A recent spike in the number of Ethereum nodes appears to be correlated with the growing speculation around the launch of ETH 2.0, which is just a couple of hours away. 

Nodes can be regarded as the backbone of the Ethereum protocol as well as any other blockchain system. Transaction data is stored, spread, and preserved within these servers or CPUs allowing to keep the network updated.

As captured in a tweet by a blockchain mining and analytics company, Bitfly, the number of Ether nodes slightly exceeded those of Bitcoin on November 29. Although the milestone was only short-lived, it shows the amount of interest around Ethereum’s shift from the current proof-of-work consensus algorithm to proof-of-stake.

At the time of writing, the number of Bitcoin nodes had already reclaimed its position ahead of Ethereum. The former has 11,376 active nodes while the latter shows around 11,184 active nodes.

Node count history by ethernodes

Node count history by ethernodes

On December 1, at 12:00 UTC, the launch of Phase 0 will kick off. The event is said to be the catalyst for the full roll out of ETH 2.0. Although the upgrade consists of three different phases, everything is set to occur in a sequence and might take at least two years to complete, according to Ethereum’s founder Vitalik Buterin. 

Nothing about the current usage of the Ethereum protocol will change during this phase. Outside of bootstrapping a network of proof-of-stake validators, the Beacon Chain will have little functionality.

“There will be no applications, transactions, or smart contracts executed on [the Beacon Chain] for some time. That will all continue on Ethereum’s existing PoW chain for the time being. Even when sharding is implemented (possibly around this time next year), the entire Ethereum ecosystem will continue to run in parallel on the proof of work chain,” said tea search firm Messari. 

It remains to be seen what impact such an anticipated upgrade will have on Ethereum price as it continues consolidating above $600


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

MANTA suffers 4% pullback after unlocking tokens worth $40 million

MANTA suffers 4% pullback after unlocking tokens worth $40 million

Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks. 

More Cryptocurrencies News

XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says

XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says

The SEC vs. Ripple potential showdown at the Supreme Court is likely, says former SEC litigator Ladan Stewart. XRP Ledger calls developers, businesses and investors to build on the blockchain, extending Apex 2024 registration until April 30. 

More Ripple News

Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction

Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction

Merlin chain’s TVL added 20% this week, and crossed $800 million on Thursday. Bitcoin Layer 2 assets noted double-digit losses in the past week. Stacks, Elastos, SatoshiVM, BVM are hit by a correction as Bitcoin hovers around $61,000. 

More Bitcoin News

If Bitcoin restarts bull run, these altcoins are likely to explode Premium

If Bitcoin restarts bull run, these altcoins are likely to explode

If Bitcoin’s consolidation ends and the bull run resumes, altcoins are likely going to trigger a massive rally. Last cycle’s hot tokens like SOL, AVAX, WIF, ONDO, etc., could see renewed enthusiasm. 

More Cryptocurrencies News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. 

Read full analysis

BTC

ETH

XRP