December 3, 2020

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Ethereum (ETH) increasing of inflation after the hardfork Muir Glacier

1 min read
Ethereum (ETH) increasing of inflation after the hardfork Muir Glacier

After eliminating mining problems, the average time to create a new block on the Ethereum blockchain fell by a quarter. This stems from Etherscan, who follows the blockchain’s second-largest cryptocurrency.


Etherscan reports that from January 1 to January 4, the average block creation time decreased from 17.16 seconds to 12.96 seconds. This means a decrease of 24.48%.


Reducing block creation time has led to more blocks being extracted per day and higher Ethereum inflation. According to the counting and reward chart, during January 1, the Ethereum miners created 4,980 new blocks and 10,237 new ETHs. However, on January 4, 6,570 new units and 13,437 new ETHs were built. This is an increase of almost 32% of blocks per day and 31% of new ETHs per day.


These changes are likely due to the recent implementation of Hardfork Muir Glacier. His goal was to delay the “ice age” that could cause the Ethereum to slow significantly.

The so-called “ice age”, also known as the “difficulty bomb”, refers to the increasing difficulty of hashing in the mining algorithm Ethereum (mining difficulty). The proposed mechanism is intended to serve as a function that demotivates Ethereum’s miners to continue mining Proof-of-Work after the planned transition of Ethereum to Proof-of-Stake (PoS), ie to the “Ethereum 2.0” phase.

(cointelegraph.com)

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