ETH block rewards got decreased where they got about 1,000 coins lesser than just a week ago and the major drop compared to the situation three years ago when the average coin number produced per day reached 30,000. In our ETH news today, we take a closer look at this information.
The block rewards in 2017 were close to 20,000 and dropped once more to 14,000 earlier in 2019. The ETH block rewards cut down is usually connected to major upgrades in the Ethereum network but right now, there were no upgrades that could have affected the production of new coins. ETH rewards were simply dropping and the hash rate was increasing.
The data shows that Ethereum block times have increased as well and only by around 1 second which only explains that this could be the reason for the situation that the difficulty bomb has kicked in. Ethereum’s difficulty bomb is actually a protocol level algorithm that increases the amount of power that is required to find and solve the blocks. The bombs have been activated in the past and had the most notable increases in 2017 during the months of March and April. The time that was demanded to solve the blocks surged from 14 to 30 seconds. The situation lasted until October 2017.
The difficulty bomb went off almost a year ago in 2018 but the block times only increased to 20 seconds. This time, the bomb remained active for more than two months. One year later, the difficulty problem seems to have arrived again and it only brought the time that was needed to solve the block down to 13 seconds. The effect is now slow at first but soon, finding a block will become much more difficult.
It will also likely become more difficult to solve the blocks as time goes by and the rewards will decrease as well in the near future. ETH price could also grow because of the incoming shortage and for now, the recommended course of action is to only let the bomb do its thing while Ethereum gets closer to the transition to the PoS. Some of the Dapp users might also see some delays in the transaction but this should not become a major problem for the project.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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