When will Ethereum be mined completely? (When will Ethereum be mined?)

When will Ethereum be mined completely? What is the mining power of Bitcoin mined by miners? Currently, it is close to 10 million. When the difficulty of mining is encountered, a question arises: why does the price of Ethereum not rise but fall? Because the price of Ethereum is rising, what Ethereum do you mine? The answer is “ETH”. According to the current price calculation, it will take about 2 years to mine Ethereum. In other words, if Ethereum is not sold now, will your Ethereum be unable to continue circulating?

In fact, this statement is made by mining machine manufacturers to profit from buying Ethereum. The total amount of Ethereum they offer is only 21 million. However, as Ethereum becomes more scarce, this part of Ethereum will be slowly destroyed (until new tokens are produced). This can be judged from the historical issuance of Ethereum. According to historical data, Ethereum will have an increase of about 5 billion per year. Therefore, we believe that Ethereum will gradually move towards a deflationary state after the halving, and thus there will be a so-called deflationary period-the production of Ethereum will become less or all transferred to the PoS chain.

Of course, for most investors, it is still cautious. The higher the price of Ethereum, the higher the market’s expectations for it. However, many people may not know when Ethereum can officially start to be mined. For example, at that time in 2017, Ethereum went live for only one or two days. According to the price at that time, the price of Ethereum was $40, which is equivalent to about RMB 58,000 at today’s price. (This is the official data)

But no matter how you say it, what everyone cares most is the supply and circulation limit of Ethereum. So the number of Ethereum should also increase, and the total market value of Ethereum will continue to grow, and it will be reduced once every four years. Stablecoins worth over $100 million are generated in the Ethereum network every day and are automatically converted into ETH through smart contracts on these blockchains, and then traded or transferred for rewards. This will also promote the development of the entire ecosystem, and people also hope to obtain more through Ethereum. Returns to achieve faster and better payment methods and asset appreciation methods.

When will Ethereum be mined?

Editor’s note: This article is from Caiyun Blockchain (ID: cybtc_com), authored by irishash, authorized by Odaily Star Daily.

The difficulty of Ethereum mining is calculated based on the size of the block. Currently, there will be a network upgrade every 10 minutes. If the hard fork is completed on September 1st or early December, it will take about 4 weeks to merge. What does this mean? We know that the mining power of Ethereum has exceeded about 30% of the total market value of cryptocurrencies such as Bitcoin and Ripple. However, with the price drop, mining equipment is becoming more and more expensive, ASIC graphics cards are also being phased out, and some smart contract applications are facing risks due to technical reasons.

So for this issue, there is a view that “why not implement it before the end of next year?” In fact, many people believe that there will be a very obvious problem after Ethereum’s halving this year: “When can ETH be transferred to the PoS chain?” The answer is simple- either be prepared to use the new algorithm to verify transactions, or consider whether to achieve equity proof consensus through the POS mechanism, etc.” Of course, this statement is also based on the current development and operation environment of Ethereum, so at the current price, Ethereum is still in the early stage. “I believe that many community members will have doubts about this,” one user said, “In the past year and a half from last year to now, “we haven’t seen any progress”.

However, it should also be pointed out that after Ethereum 2.0 is launched and the Ethereum mainnet is launched, there may be a continuous update version, and there will be some improvements, such as lowering Gas fees or adding new functions. But these changes will not affect the existing network performance, as they may cause faster congestion.

Regarding this issue, Ethereum co-founder Vitalik Buterin recently stated in an interview that while he hopes to resolve EIP-1559 in the next few months, he is not sure which version will be released specifically. He said: “I expect this upgrade to be released around mid-May 2022, and it is actually providing momentum for the next generation of Ethereum.” He further added that Ethereum 1.0 is a major breakthrough for Ethereum 2.0, but it is not completely decentralized. It is created by a group of different client teams, which means that everyone can participate. So you don’t need to link your wallet. If you want to be part of Ethereum 2.0, it is best to use the Metamask plugin in the Ethereum wallet, so you can easily be compatible with other nodes.

However, this is not the most exciting thing. According to the latest data from CoinMetrics, as of 16:00 on November 22nd,