{"id":29711,"date":"2022-06-13T02:02:20","date_gmt":"2022-06-13T06:02:20","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=29711"},"modified":"2022-06-13T02:02:30","modified_gmt":"2022-06-13T06:02:30","slug":"ethereum-network-delays-difficulty-bomb-as-adoption-rate-grows","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ethereum-network-delays-difficulty-bomb-as-adoption-rate-grows\/","title":{"rendered":"Ethereum Network Delays Difficulty Bomb As Adoption Rate Grows"},"content":{"rendered":"\n
The goal of the difficulty bomb is to make Ethereum<\/a> mining less profitable so that miners won't do it before the long-awaited Merge.<\/h5>\n\n\n\n
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Ethereum network developers have decided to postpone the difficulty bomb, a major step toward the layer-1 blockchain's highly anticipated Merge upgrade.<\/p>\n\n\n\n

According to core developer Tim Beiko in a June 11 tweet, they set the delay to two months to “ensure that we sanity check all the numbers before selecting an exact delay and deployment time.”<\/p>\n\n\n\n

The difficulty bomb will be used to disincentivize ETH mining\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> operations from continuing to operate their physical mining devices as the network transitions from proof-of-work (PoW<\/a>) to proof-of-stake (PoS<\/a>).<\/p>\n\n\n\n

It significantly increases the difficulty for miners to verify network transactions, reducing profitability for PoW miners. Physical miners will eventually find it impossible to validate a block. The difficulty bomb is a network feature that was added to the code in 2016 as plans were being developed for the Merge to become the Consensus Layer (formerly known as ETH 2.0).<\/p>\n\n\n\n

According to some estimates, switching to PoS will reduce the Ethereum network's energy requirements by up to 99.9%. Other PoS networks, such as Polygon and Fantom Opera, have low power requirements when compared to other PoW networks.<\/p>\n\n\n\n

Although Beiko does not mention it, delaying the difficulty bomb could cause further delays for the Merge<\/a>, which is scheduled for August 2022.<\/p>\n\n\n\n

On June 9, the Ropsten testnet on Ethereum completed its PoS merge, which developers referred to as the “first dress rehearsal” for the actual merge.<\/p>\n\n\n\n

Despite the current bearish sentiment in the cryptocurrency markets, the Ethereum user base remains strong. Except for one day in December 2020, daily network transactions<\/use><\/svg><\/span><\/a> have remained above one million. Measuring daily transactions provides a clear and concise picture of the network's overall load.<\/p>\n\n\n\n
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Daily transactions on Ethereum since 2015<\/em><\/figcaption><\/figure>\n<\/figure>\n\n\n\n

Every month, the number of unique addresses<\/use><\/svg><\/span><\/a> grows rapidly. Since it first peaked in December 2017, the number of new unique wallets has not slowed. Ethereum now has approximately 198 million unique wallets, a 14.5-fold increase since December 7, 2017.<\/p>\n\n\n\n

According to CoinGecko, the price of ETH has fallen 6.8 percent in the last 24 hours along with the majority of other cryptocurrencies, trading at $1,360.<\/p>\n","protected":false},"excerpt":{"rendered":"

The goal of the difficulty bomb is to make Ethereum mining less profitable so that miners won’t do it before the long-awaited Merge. Ethereum network developers have decided to postpone the difficulty bomb, a major step toward the layer-1 blockchain’s highly anticipated Merge upgrade. According to core developer Tim Beiko in a June 11 tweet, […]<\/p>\n","protected":false},"author":33,"featured_media":29713,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23],"tags":[],"class_list":["post-29711","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/Ethereum-Mining-004.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/29711","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=29711"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/29711\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/29713"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=29711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=29711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=29711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}