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- Muir Glacier has successfully managed to decrease the block time by nearly 25%.
- Ethereum block production has gone back to its previous level and is falling short of 2 blocks of an ATH number of blocks in a day.
- As per reports, the number of blocks produced on the 31st of December was almost 4,987.
The open-source and blockchain-based computing platform Ethereum has lately been facing the hard fork, Muir glacier. Muir Glacier has successfully managed to decrease the block time by nearly 25%. Muir Glacier primarily slated to drop the mining difficulty or, as it is popularly known, the difficulty bomb.
This resulted in the sanctioning of the production of more blocks in lesser time. Along with it, it was also supposed to help in resolving the scaling problem of Ethereum.
The data provided by Etherscan suggests that the average block time on the blockchain diminished from 17.16 seconds to 12.96 seconds after the fork. Since the production of blocks witnessed a reduced time, this automatically resulted in the increasing of blocks that mined.
A tweet from the Coin Metrics stated that as the difficulty bomb diffused, Ethereum block production has gone back to its previous level and is falling short of 2 blocks of an ATH number of blocks in a day.
The data reported by Coin Metrics also said that the block production had been gaining momentum is very close to reaching its all-time high.
As per reports, the number of blocks produced on the 31st of December was almost 4,987. The successful deployment of Muir Glacier help in the jumping of this number, and the production recorded to 5,676 blocks on the 2nd of January.
However, this achievement did not just stop there. The number of blocks which mined only kept increasing as time pass. Due to this, the current data recorded on the 5th of January gave out an impressive figure. The data miners mined about 6,488 blocks on tue 5th of January, along with 13,263.585 ETH as rewards.
Apart from this, Ethereum has also decided to take the step of transitioning from the Proof-of-Work network to Proof-of-Stake in Q1 of 2020. This step has increased the expectations of reaching a 5% per year inflation rate. This scenario is also being called the result of delaying the difficulty bomb. As speculated, the price will also stabilize by September 2021.
If the developers wish to put the difficulty bomb issue to rest, they need to launching Proof of Stake and also eliminate Proof of work. Although it is quite a complex task, the developers still believe that the switch will yield the expected targets and also help stabilize the inflation rate.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
