According to a report from Etherscan, New Ethereum (ETH) being produced through mining is at its lowest rate ever. The report revealed that on February 10, 13,370 new ETH has been generated that is less from more than 20,000 in last year’s December. This recent decrease in the quantity of newly mined ETH was evidently caused by an abrupt increase in Ethereum mining complexity.
On August last year, Ethereum’s core developers decided on their regular meeting to the setback that what they called difficulty bomb, by agreeing to include the code for such a change into forthcoming Constantinople hard fork. Also acknowledged as Ethereum’s ice age, the difficulty bomb is a mechanism implemented on the ETH chain that makes Proof of Work (PoW) mining Ethereum progressively harder. The reason for the implementation of this feature is to prevent miners from continuing their activity on the chain after Ethereum’s switch to a Proof of Stake (PoS) consensus algorithm. PoS implementation, still, has been delayed multiple times; that’s why Ethereum developers have delayed the difficulty bomb though updates as they plan to do with the Constantinople hard fork. In addition, delaying the ice age also lowers mining difficulty.
To remunerate for the easier mining process, Constantinople will also feature the thirdening, a reduction of the reward for every miner block from 3 to 2 Ethereum. Such an update would elevate the quantity of daily minted ETH again by making the creation of new blocks easier. Currently, this upgrade is slated to happen at block 7,080,000 that anticipated to be mined on Feb. 27, as reports noted. Last week, the Ethereum Foundation denied alleged plans to invest a prospective USD15 million on the development of Verifiable Delay Functions (VDFs) for use in its transition to a Proof-of-Stake (PoS) network.