Can You Mine Ethereum in 2022?

If you have been around in the crypto community, you will know that one of the dare questions in the minds of Ethereum investors and enthusiasts is what will become of the digital currency in 2022 and beyond.

Before now, Ethereum has announced the launch of a new upgrade which will happen any time in 2022. The upgrade – called Ethereum 2.0, will involve Ethereum switching its consensus mechanism from proof of work to proof of stake. That will definitely mean the end of mining on the Ethereum blockchain.

If you are also concerned about this, then you should keep reading this post. We will talk about everything you should know about Ethereum mining in 2022. The post will include key things about Ethereum and proof of stake and why there may not be a full switch to proof of stake in 2022. You will need to know all of these when buying Ethereum in 2022.

Ethereum and Proof of Stake; Are There Any Benefits for Switching?

For many years, many cryptocurrencies, including Ethereum, have used the proof of work algorithm to keep their system secured. But the algorithm also comes with its own downsides: high gas rate and excessive power demand. Because of this, Ethereum has been looking for a way to switch from proof of work to proof of stake to remedy the situation.

Unfortunately, this has refused to work for Ethereum because the developers couldn’t figure out a way to make proof of stake work for the Ethereum blockchain without sacrificing its decentralization. But in December 2020, they finally figured out a way to make it work. But why so much thirst for proof of stake, you may ask?

Proof of Stake (PoS) comes with a lot of benefits over the Proof of Work (PoW) algorithm – both for the blockchain and for the users. Below are some of the benefits PoS will likely bring to the Ethereum blockchain:

Gas fee will reduce tremendously with PoS

Presently, the transaction fee on the Ethereum network – called, is extremely high. And that has discouraged many developers and investors from using the blockchain. But PoS will be bringing great improvement to this.

Transaction speed will increase

Presently, Ethereum has a transaction speed of 13 transactions per second. But with PoS, the speed will likely increase to 100,000 per second. And that is more reason the Ethereum community are anxiously waiting for Ethereum 2.0 launch.

It will encourage the development of more applications on the blockchain

For instance, DeFi protocols require a high transaction speed because their price can change as each block is mined. So with the increased speed happening on the Ethereum blockchain, more developers will be coming back to build on the Ethereum blockchain.

PoS is less power-intensive

Since PoS will no longer require mining to add new blocks to the blockchain, the amount of energy required to maintain the blockchain will reduce tremendously. This will help Ethereum gain a good reputation in the media again against its counterpart, Bitcoin, which consumes a lot of energy for mining operations.

Improves security and scalability

With PoS also comes more functionalities, such as smart contracts. All these will come together to increase the security and scalability of the Ethereum network.

Will Switching to Proof of Stake Be Easy?

Well, as interesting as switching to PoS looks for Ethereum, it is definitely not going to be as easy. Switching from PoW to PoS is a complicated process, and that’s why it’s been a difficult process for the developers for years.

But to make things work, the developers are dropping something called the difficulty bomb to make the transition a lot easier. With the difficulty bomb, the developers will make mining a lot more unprofitable by increasing the number of miners on the network. That will force many people to move to staking. And so, mining will be wearing out gradually.

Also, Ethereum will be merging Beacon as one of their process to launching the new Ethereum upgrade. Even if more miners eventually stopped mining, there wouldn’t be much downtown because the validators on Beacon can pick up the slack until PoS fully has its way on the network.

When Will Ethereum Finally Switch to PoS?

The truth is that no one knows exactly when the switch will happen. Ethereum developers have defaulted on their schedule many times and caused lots of delays. So even when they scheduled the full launch to happen in 2021, it still did not happen as planned.

However, things have been on track lately. Beacon is already available for public use on the testnet, and so the Ethereum community expects to have the Ethereum 2.0 fully launched any time from now.

Can You Mine Ethereum in 2022?

From all that we have heard and seen about the advancement of Ethereum, it is safe to assume that mining may no longer be possible on the Ethereum network in 2022. Since the blockchain will likely be witching to a proof of stake algorithm, mining will no longer be needed to validate transactions.

Although this may not be good news for miners, Ethereum seems to be dead set on this decision, and nothing will seem to make them change their minds. However, some smart miners will definitely find a way around this by using their equipment to mine some other coins and make some profit – especially the GPU miners. Some will even sell their equipment altogether and forget about mining.

However, some miners can also come up with a different approach to mining on the Ethereum blockchain by setting up their own validation nodes on Beacon. To set up a validator, you will need 32 ETH. For miners that don’t have that kind of huge amount of money, they can come together to pull resources together to have one node and then split the reward they get from mining.

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World

Russian Arms Dealer Viktor Bout Back in Business After Biden Prisoner Exchange

Viktor Bout, a notorious Russian arms dealer, arriving at court in Bangkok in 2010 - CTN Image

Viktor Bout, the infamous Russian arms dealer who was exchanged two years ago for Brittney Griner by President Biden, has reportedly returned to arms trading, as detailed in a report by the Wall Street Journal.

The Wall Street Journal has revealed that Vikto Bout, infamously dubbed the “merchant of death,” is seeking to facilitate the sale of small arms to the Houthis. A report indicates that Houthi representatives met with Bout in Moscow in August to discuss the acquisition of $10 million in automatic weapons.

Nonetheless, the anticipated arms deal remains unfulfilled, as indicated by the report.

Reports indicate that the weapons being discussed do not encompass larger systems such as anti-ship or anti-air missiles, which could represent a considerable risk to U.S. military operations in the area.

Requests for comment from the WSJ regarding Bout’s alleged involvement in the arms trade went unanswered by the Kremlin and Russia’s Ministry of Defense. Steve Zissou, an attorney who provided legal representation for Bout during his time in U.S. custody, refrained from commenting on the possibility of Bout’s meetings with the Houthis.

Viktor Bout, the notorious Russian arms dealer was exchanged for Brittney Griner – CNN Image

Viktor Bout released in 2022

Bout, who became affiliated with Russia’s Kremlin-loyal Liberal Democratic Party following his release in a prisoner swap in December 2022, has kept a low profile since his return.

Bout was taken into custody in Thailand in 2008 and subsequently extradited to the United States, where he faced conviction in 2012 on charges associated with arms trafficking, resulting in a 25-year prison sentence.

For almost twenty years, Bout stood out as one of the globe’s most notorious arms dealers, providing weaponry to unrecognized governments and insurgent factions throughout Africa, Asia, and South America. The activities he conducted served as the basis for the 2005 film Lord of War.

Even after his conviction and imprisonment, reports indicate that Bout’s network persisted in its operations, contributing to conflicts in some of the globe’s most perilous areas.

Former US Marine Paul Whelan Released From Russian Prison

Former US Marine Paul Whelan Released From Russian Prison

Business

PepsiCo Reduces Revenue Projections As North American Snacks And Key International Markets Underperform.

(VOR News) – In the third quarter of this year, Pepsi’s net income was $2.93 billion, which is equivalent to $2.13 per share. This was attributed to the company.

This is in stark contrast to net income of $3.09 billion, which is equivalent to $2.24 per share, during the same period in the previous year. The company’s earnings per share were $2.31 when expenses were excluded.

Net sales decreased by 0.6%, totaling $23.32 billion. Organic sales increased by 1.3% during the quarter when the effects of acquisitions, divestitures, and currency changes are excluded.

Pepsi’s beverage sales fell this quarter.

The most recent report indicates that the beverage and food sectors of the organization experienced a 2% decline in volume. Consumers of all income levels are demonstrating a change in their purchasing habits, as indicated by CEOs’ statements from the previous quarter.

Pepsi’s entire volume was adversely affected by the lackluster demand they encountered in North America. An increasing number of Americans are becoming more frugal, reducing the number of snacks they ingest, and reducing the number of times they purchase at convenience stores.

Furthermore, Laguarta observed that the increase in sales was partially attributed to the election that occurred in Mexico during the month of June.

The most significant decrease in volume was experienced by Quaker Foods North America, which was 13%. In December, the company announced its initial recall in response to a potential salmonella infection.

Due to the probability of an illness, the recall was extended in January. Pepsi officially closed a plant that was implicated in the recalls in June, despite the fact that manufacturing had already been halted.

Jamie Caulfield, the Chief Financial Officer of Pepsi and Laguarta, has indicated that the recalls are beginning to have a lessening effect.

Frito-Lay experienced a 1.5% decline in volume in North America. The company has been striving to improve the value it offers to consumers and the accessibility of its snack line, which includes SunChips, Cheetos, and Stacy’s pita chips, in the retail establishments where it is sold.

Despite the fact that the category as a whole has slowed down in comparison to the results of previous years, the level of activity within the division is progressively increasing.

Pepsi executives issued a statement in which they stated that “Salty and savory snacks have underperformed year-to-date after outperforming packaged food categories in previous years.”

Pepsi will spend more on Doritos and Tostitos in the fall and winter before football season.

The company is currently promoting incentive packets for Tostitos and Ruffles, which contain twenty percent more chips than the standard package.

Pepsi is expanding its product line in order to more effectively target individuals who are health-conscious. The business announced its intention to acquire Siete Foods for a total of $1.2 billion approximately one week ago. The restaurant serves Mexican-American cuisine, which is typically modified to meet the dietary needs of a diverse clientele.

The beverage segment of Pepsi in North America experienced a three percent decrease in volume. Despite the fact that the demand for energy drinks, such as Pepsi’s Rockstar, has decreased as a result of consumers visiting convenience stores, the sales of well-known brands such as Gatorade and Pepsi have seen an increase throughout the quarter.

Laguarta expressed his opinion to the analysts during the company’s conference call, asserting, “I am of the opinion that it is a component of the economic cycle that we are currently experiencing, and that it will reverse itself in the future, once consumers feel better.”

Additionally, it has been noted that the food and beverage markets of South Asia, the Middle East, Latin America, and Africa have experienced a decline in sales volume. The company cut its forecast for organic revenue for the entire year on Tuesday due to the business’s second consecutive quarter of lower-than-anticipated sales.

The company’s performance during the quarter was adversely affected by the Quaker Foods North America recalls, the decrease in demand in the United States, and the interruptions that occurred in specific international markets, as per the statements made by Chief Executive Officer Ramon Laguarta.

Pepsi has revised its forecast for organic sales in 2024, shifting from a 4% growth rate to a low single-digit growth rate. The company reiterated its expectation that the core constant currency profitability per share will increase by a minimum of 8% in comparison to the previous year.

The company’s shares declined by less than one percent during premarket trading. The following discrepancies between the company’s report and the projections of Wall Street were identified by LSEG in a survey of analysts:

SOURCE: CNBC

Business

Old National Bank And Infosys Broaden Their Strategic Partnership.

(VOR News) – Old National Bank, a commercial bank with its headquarters in the Midwest, and Infosys, a firm that specializes in information technology, have recently entered into a strategic expansion of their link, which has been in place for the past four years.

This expansion is more likely to take place sooner rather than later, with the likelihood being higher.

For the purpose of making it possible for Old National Bank to make use of the services, solutions, and platforms that are offered by Infosys, the objective of this expansion is to make it possible for the bank to transform its operations and processes through the application of automation and GenAI, as well as to change significant business areas.

This lets the bank leverage Infosys’ services, solutions, and platforms.

Old National Bank Chairman and CEO Jim Ryan said, “At Old National, we are committed to creating exceptional experiences for both our customers and our fellow employees.”

This statement is applicable to Old National Bank. Infosys is carefully managing the business process innovations that it is putting us through, putting a strong emphasis on efficiency and value growth throughout the process to ensure that it is carried out efficiently.

This is a routine occurrence throughout the entire operation. Because of Infosys’ dedication to our development and success, we are incredibly appreciative of the assistance they have provided.

Old National has been receiving assistance from Infosys in the process of updating its digital environment since the year 2020, according to the aforementioned company.

Ever since that time, the company has been providing assistance. The provision of this assistance has been accomplished through the utilization of a model that is not only powerful but also capable of functioning on its own power.

Infosys currently ranks Old National thirty-first out of the top thirty US banks.

This ranking is based on the fact that Old National is the nation’s largest banking corporation.

It is estimated that the total value of the company’s assets is approximately fifty-three billion dollars, while the assets that are currently being managed by the organization are valued at thirty billion dollars.

Dennis Gada, the Executive Vice President and Global Head of Banking and Financial Services, stated that “Old National Bank and Infosys possess a robust cultural and strategic alignment in the development, management, and enhancement of enterprise-scale solutions to transform the bank’s operations and facilitate growth.”

This remark referenced the exceptional cultural and strategic synergy between the two organizations. Dennis Gada is the one who asserted this claim. This was articulated explicitly concerning the exceptional cultural congruence and strategy alignment of the two organizations.

We are pleased to announce that the implementation of Infosys Topaz will substantially expedite the transformation of Old National Bank’s business processes and customer service protocols. We are exceedingly enthusiastic about this matter. We are quite thrilled about this specific component of the scenario.

Medium-sized banks operating regionally will continue to benefit from our substantial expertise in the sector, technology, and operations. This specific market segment of Infosys will persist in benefiting from our extensive experience. This phenomenon will enable this market sector to sustain substantial growth and efficiency benefits.

SOURCE: THBL