Over the past few weeks, we’ve received some questions about what Ethereum 2.0 (ETH 2) is, and what it means for BlockFi clients. Here’s an overview of ETH 2, and the impact it will have on our services.

Ethereum 2.0 (ETH 2), AKA ‘Serenity,’ is a multi-phase upgrade to the Ethereum network designed around speed, scalability, energy efficiency, and increased security. This will be achieved by transitioning to Proof of Stake (PoS) and utilizing “shard chains.”

This transition from Proof of Work (PoW) to PoS replaces computing power with financial commitments to validate transactions. Therefore, with ETH 2, transactions will be validated concurrently by shards, not the main chain.

What does this mean for BlockFi clients? If you are not planning on staking your ETH, you don’t need to do anything. ETH 2 will not directly impact any of our services to BlockFi clients, as there is no hard fork or migration. Read more about ETH 2 here: https://bit.ly/3kNVhig 

For those looking to stake Ethereum for the update, you'll have to withdraw your ETH from BlockFi and stake here: https://bit.ly/2HiZPQ0 . If you have any other questions or concerns, please contact our client services team at [email protected] or call at +1 (646) 779-9688.