- After the Muir Glacier hard fork, Ethereum network’s block time is back to previous levels after dropping by 25%
- Ethereum price enjoying greens with analyst expecting $155-160 coming soon with the chart looking “pretty strong”
The average block time on the Ethereum blockchain has now decreased by 25%. According to Ethereum block Explorer Etherscan, during the period of Jan. 1st to Jan 4th, the average block time has decreased from 17.16 seconds to just 12.96 seconds.
The lower block time then resulted in a higher number of blocks and of course higher inflation.
During the same period, a new block created by miners went from 4,980 blocks to 6,570 new blocks on Ethereum blockchain, seeing an increase of 32%. Meanwhile, rewards climbed from 9,960 ETH to 13,140 ETH, which is a rise of 31.9% in block rewards. This supply is expected by commentators to further increase.
All of this has been the result of the decrease of mining difficulty after the Muir Glacier that took place just a few days ago. As Coin Metrics notes in a tweet,
— CoinMetrics.io (@coinmetrics) January 5, 2020
The hard fork is to delay the ice-age of Ethereum, a protocol that increases the network's mining difficulty over time until it becomes impossible to mine the chain after the Ethereum 2.0 proof-of-stake (PoS) is deployed.
The ice age will have a number of difficulty bombs to postpone the event. Muir Glacier hard fork’s successful completion delayed the difficulty bomb for another 4,000,000 blocks. This update came less than a month after the Istanbul upgrade on Dec. 7. This has been because of the wrong estimate of the Ethereum difficulty bomb for mid-2020.
Ethereum price meanwhile is up 3.82% in the past 24 hours as the market turns green while trading at $140.25 as per Coincodex.
Analyst CryptWolf says, “Looks pretty strong, with a bullish retest of previous resistance,” and expects the price to hit $155 to $160.