Mining Of Ethers Dropped To 13,000 Daily Due To Difficulty Bomb
The daily supply of ethers dropped to a record low 13,000 ETH. Miners began to mine almost two times less coins, which is connected with activation of the difficulty bomb, Trustnodes reports.
According to forecasts, the new coins supply will remain at the same level until the end of 2019, when the network switches to the new Proof-of-Stake protocol. After that, the emission will reduce by half again.
Today, time for mining of one block in Ethereum exceeds 20 seconds, unlike the previous 15 seconds, and following this the daily transaction volume decreased from 580,000 to 380,000. However, the price of ether increased to $120, and the crypto continues to hold the second place in terms of capitalization in the CoinMarketCap ranking.
Changes in the work of Ethereum, the so-called “ice age”, occurred in advance of the Constantinople hard fork, which is said to take place around February 26. The innovation will resolve dispute among miners, setting a daily issue of 13,400 ethers. Mining of one block will take 14 seconds, and the reward will be reduced from three to two ETHs.
Activation of the Constantinople code will ease the transition of Ethereum to the Proof-of-Stake algorithm. Also, the launch of the next difficulty bomb, which helps to gradually destroy the current Proof-of-Work protocol, will be postponed for a year and a half. If the hard fork does not occur, then the difficulty can increase to such a level that it won’t be possible to mine even one block on the network.
At the end of January, the Ethereum developers activated the difficulty bomb, so the reward for mining of blocks decreased from 20,000 to 15,000 ETH.