It wont be in June, but rather in the months following, according to Tim Beiko, an Ethereum Foundation developer. He went on to say that there is no specific time frame yet, but the team is unquestionably getting closer to the inevitable shift to PoS (Proof of Stake) on Ethereum. Beiko had also recently urged users to not invest in any more mining equipment.
What do we know thus far?
Although it is not what the Ethereum Foundation wishes, Ethereums transition from a PoW (Proof of Work) to a PoS consensus mechanism has been heralded as a fundamental change which will reportedly put to rest any and all worries about how much energy network validators spend. It also implies that Ethereum mining shall be rendered useless in the near future. Moreover, the update affects far more than just investments in ETH mining machines.
In any case, searches for Ethereum Merge have already eclipsed their all-time high, which was only a couple of weeks ago. This is timely news since, until recently, the consensus was that the Ethereum update will take place before the end of June, 2022.
So, whats the issue?
The road to the Ethereum update has seemed like one stride forward and a few steps back at times. In fact, a researcher from the Ethereum Foundation had previously doubted the update, and in turn received resistance from Vitalik Buterin, Ethereums co-founder.
Also, developers have only just begun evaluating the effect of the Ethereum upgrade on a shadow fork regarding the mainnet. According to Ethereum DevOps developer Parathi Jayanathi, the new testing environment has discovered vulnerabilities ranging from sync code to request timeout. In a more general sense, the entire crypto market is patiently waiting to see what will happen as the Ethereum Merge could be the most important crypto-related event in 2022. Supporters are hopeful that the update will go smoothly but a lot could nevertheless go wrong, only time will tell.