Ethereum mining for a while: difficulty bomb delayed again

Ethereum mining for a while: difficulty bomb delayed again

Key facts:
  • The Arrow Glacier fork brings with it the EIP-4345, the point of which is the pump delay.

  • Binance announced that withdrawals and deposits of tokens on the ETH network will be suspended during the current

We are two days away from the arrival of the Arrow Glacier fork of the Ethereum network, which is another postponement for the difficulty bomb and which means that ether (ETH) mining will continue for a few more months.

According to reviewed by the Ethereum Foundation blog, the second most important blockchain by capitalization of market will undergo a scheduled update in block 13,773,000, scheduled for December 8, approximately.

In detail, the network update, Arrow Glacier, brings with it the proposal for improvement or EIP 4345, the only point of which is the delay of the ETH mining difficulty pump until June 2022. This fork is similar to the previous one, Muir Glacier, which curiously it was only to delay the explosion of the bomb.

The difficulty bomb, by definition, it is a mechanism that literally makes it difficult to mine ether, leading to the Ice Age, a period in which there will be no mining activity. Not at least until the migration from proof of work (PoW) to proof of stake (PoS), an essential process to get to Ethereum 2.0, is executed.

From the Ethereum Foundation they clarify that the difficulty bomb only affects proof-of-work networks and therefore “only exists on the Ethereum mainnet and the Ropsten testnet.”

With recent progress towards transitioning from Ethereum to Proof of Stake, it was decided to just delay the pump on the mainnet for now and try to transition to PoS on Ropsten before the pump explodes on that network », They clarify.

This means that, at least for a few more months, Ethereum mining will remain active, an activity with which people have earned significant sums of money, as we have found in CriptoNoticias.

Ethereum mining for a while: difficulty bomb delayed again
The EIP-4345 datasheet, which only includes the postponement of the difficulty bomb until June 2022 / Source: Screenshot.

Delay and more delay

This is not the first time that this action has been delayed in the second most important blockchain in the market. In the past, was introduced in the updates of the Byzantium, Constantinople and London networks.

In fact, CriptoNoticias outlined one of the delays in August. At that time, Tim Beiko, developer of Ethereum, predicted the arrival of the difficulty bomb for this month of December, based on the EIP-3554, introduced in August with the London hard fork. This, evidently, was shattered.

And earlier, we reported that the network developers postponed the difficulty bomb to avoid complications during the merge. The interesting thing is that that was in December, but of 2019, which shows that the postponement is old.

Now, the sights are set on June 2022, the date when, according to the developers, the merger should occur. However, and as in previous installments, they do not skimp on having to postpone the outbreak again.

But, it seems that in that month it will not be the arrival of the difficulty bomb either. As reported by CriptoNoticias, the roadmap to Ethereum 2.0 shown by Vitalik Buterin, suggests that step will be postponed to 2023.

There is already support for the new fork

The new delay in the explosion of the difficulty bomb already has the backing of companies linked to the ecosystem. This is the case of the centralized exchange Binance, which will support network upgrade.

According to they specified on his blog, the fork will run at 8 p.m. (UTC) on Thursday, December 9, so deposits and withdrawals of all tokens on the ETH network will be suspended five minutes before the update.

However, they clarify that the trading of ETH and other ERC-20 tokens will not be affected during the update and that they will handle “all the technical requirements involved for all users who have ETH and other ERC-20 tokens in their accounts.”

Also, they explain that deposits and withdrawals of ETH and other tokens will be reopened when they consider that the improved network is stable, “And we will not notify users in a new ad,” they end.

See also  Goodbye to congestion in Bitcoin: commissions return to 1 sat/vB ($0.04)

Leave a Comment

Your email address will not be published.