April 23, 2024

Ethereum will increase emissions for miners by 2000 ETH per day

Ethereum will increase emissions for miners by 2000 ETH per day

Ethereum developers have come to a tentative agreement regarding the postponement of the difficulty bomb for several years,Trustnodes writes with reference to the discussion.

“The current proposal is block 9,200,000, which will be released around January 6th,– said Tim Beiko from the startup PegaSys.

No one objects, so I think we’ve come toa schematic agreement regarding the update on block 9,200,000, which will push the difficulty bomb beyond the nine million mark. It will be called the “Melting Glacier”. ”

Nine million is the current value of minedblocks. The developers agreed to transfer the bomb of complexity to another four million blocks, which corresponds to approximately two years of network operation with a block time of 15 seconds. Thus, if this fork is approved, the complexity bomb will only be activated at the end of 2021 or the beginning of 2022.

Meanwhile, the signal circuit is getting ready to start.Ethereum 2.0 Beacon Chain. It can begin to function in the spring and will increase emissions by an amount determined by the number of ETH allocated for staking.

In addition, inflation will instantly increase by 2,000 ETH per day with the launch of this fork due to the normalization of rewards, which have recently declined amid the onset of the complexity bomb.

To the discussion of the problem, the participantsETH communities and holders were not involved, and developers solve the issues of monetary policy of the second largest cryptocurrency exclusively among themselves, Trustnodes notes.

Proof-of-Stake chain designed toto eliminate the miners, however, according to the creator of Ethereum Vitalik Buterin, several years may pass before the complete transition. All this time, a hybrid ETH mining mechanism will be used based on the existing PoW chain and the new PoS network.

It was previously thought that a complexity bomb couldpush the miners to support ETH 2.0, but with a two-year deferral of the complexity bomb, they will no longer have such an incentive. While other cryptocurrencies reduce emissions by 50%, Ethereum developers decide to conduct an urgent hard fork to increase them.