- Ethereum block time deceased by 25 percent after Muir Glacier hard fork
- Muir Glacier hard fork was meant to delay Ethereum ice age protocol
- Ethereum price analysis – Ethereum continues to trade in the green
Ethereum News Today – Ethereum recently completed the Glacier Hard Fork. After the Glacier hard fork, which saw the reduction of the mining difficulty, the average block time on the blockchain of Ethereum decreased by about 25 percent.
Ethereum Block Time Decreases by 25 Percent after Glacier Hard Fork
According to data from Etherscan – Ethereum block explorer – from January 1 to January 4, the daily average block time on the network has decreased to 12.96 seconds from 17.16 seconds. This results in a decrease of 24.48 percent in the block time.
Ethereum (ETH) Price Today – ETH / USD
Clearly, the reduction in the block time resulted in a higher number of blocks mined on a daily basis and a higher Ethereum (ETH) inflation. According to the Ethereum block count and rewards chart of Etherscan, on January 1, miners mined 4,980 new blocks and 10,237 Ether.
Meanwhile, on January 4, the miners on the network created 6,570 new blocks and 13,437 new Ether. This is an increase of about 32 percent in the number of blocks mined and more than 31 percent increase in block rewards. These changes are as a result of the consequences of the recent implementation of the Muir Glacier hard fork.
Muir Glacier Hard Fork Was Meant to Delay Ethereum Ice Age Protocol
According to a previous Smartereum report, the Muir Glacier hard fork was meant to delay the so-called Ethereum ice age. The ice age protocol increased the mining difficulty of the network over time until it makes practically impossible to mine on the chain.
The ice age, which comes about via an array of difficulty bombs, is ultimately a measure meant to prevent miners from continuing to mine old Ethereum chain after the launch of Ethereum 2.0 – Proof of Stake blockchain.
Ethereum Price Analysis
Bitcoin (BTC) recently surged from its recent low of $6,859 to almost $7,600. The considerable upsurge in the price of the world’s most dominant digital currency has revitalized the digital currency market. The majority of coins in the market are following Bitcoin (BTC) concurrently. One of the top gainers from the recent rally is Ethereum (ETH).
Ethereum (ETH) has seen significant gains over the past few days. The digital currency has been trading in the green for about three to four days in a row. Ether has surged from its recent lows of $128 to $140. At press time, Ether is trading at $140 after an increase of about 3 percent over the past day. The immediate resistance of the digital currency is at the $143 mark. Above that level, the next hurdle is at $145. However, if Ether decides to head south, the immediate resistance is at $138.