Block Time Takes a Hit on Ethereum

 

  • On Ethereums blockchain, the average block time has decreased by nearly a fourth due to the mining difficulty being lowered in recent days. 
  • From New Years Day until the 4th, the average block time on a daily basis for the blockchain sunk down to 12.96 seconds.
  • This block time slump ended up resulting in a higher number of blocks.

 

On Ethereums blockchain, the average block time has decreased by nearly a fourth due to the mining difficulty being lowered in recent days. 

According to data shown on Etherscan, from New Years Day until the 4th, the average block time on a daily basis for the blockchain sunk down to 12.96 seconds compared to its previous time of 17.16 seconds.

Block time

This block time slump ended up resulting in a higher number of blocks which were to be mined daily and with higher inflation on Ethererum. 

The Ethereum block count and rewards chart was said to see miners create almost five thousand new blocks and more than 10,000 ETH. but at the end of last week, miners had designed thousands of new blocks and more than 13,400 new Ethereum. 

As per CoinTelegraph:

“The changes described above are all consequences of the recent implementation of the Muir Glacier hard fork, which Cointelegraph reported on Jan. 2. The fork in question is meant to delay the so-called Ethereum ice age, which Cointelegraph reported on. The ice age protocol increase the network’s mining difficulty over time until it makes the mining of the chain practically impossible.”

Price

In terms of price, Ethereum is performing well on the day with a 0.70 per cent increase over the past 24 hours leaving it with a price of $143.14 at the time of writing. 

It will be interesting to see how it plays out with the block time. For more news on this and other crypto updates, keep it with CryptoDaily!

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