New Etherscan Data Shows Ethereum Mining Rewards Reach Unfortunate Lows in ETH's Young History

Cryptocurrency enthusiasts of Bitcoin have been concerned lately over the halvening of the mining rewards, even though this milestone is not expected to be reached for over a year. However, this focus has left everyone’s backs turned to Ethereum. Recent information collected from Etherscan reveals that the mining rewards have reached an all-time low for Ethereum, which is bad news for their own minders.

On February 10th, the recording of new ETH created was almost 7,000 less than the month before. The platform reached its highest level in July 2015 at over 39,000. However, data from Etherscan shows that the sudden drop in newly mined ETH has much to do with the increased difficulty that miners must sustain in order to mine Ethereum now.

In September, it was revealed that Ethereum core developers decided to delay a “difficulty bomb,” as they caused it. To do so, the platform chose to include a code for that change in the Constantinople hard fork, which was delayed several times. This difficulty bomb, also referred to as an “ice age” for Ethereum, makes it harder to mine through Proof-of-Work protocols.

The point of this implementation was to keep miners from continuing to work on the chain after Ethereum chose to use a Proof-of-Stake algorithm in its place. The difficulty bomb was delayed as the PoS implementation was delayed, as developers decided to keep it connected to the Constantinople hard fork. However, the delay makes it easier for miners to mine in the meantime.

Unfortunately, miners have to prepare for a “thirdening” that will happen with Constantinople. Not only will miners have a harder time with mining overall, but their rewards will be cut down from 3 ETH to 2 ETH. Considering that the current price of ETH is about $122, this is a loss of over $100. However, creating more blocks each day will become easier.

The upgrade will not happen until block 7,080,000 posts. Based on the predictions on the ConsenSys blog post, it should be mined by February 27th.

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Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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