What is the Ethereum mining volume related to (2021 Ethereum mining speed)

What is Ethereum’s mining volume related to? According to LongHash, what is Ethereum’s mining volume related to? In the past year, the price of Ethereum has been continuously rising. With the development of DeFi, Ethereum mining is also gradually increasing; At present, the price of mainstream Cryptocurrency in the market has a downward trend: Bitcoin has dropped by more than 80%, Litecoin has dropped by more than 20%, EOS has dropped by nearly 70%, and Rupert has risen by more than 50%

What is the Ethereum mining volume? What is the high correlation between Ethereum mining volume and Ethereum mining algorithm? Let’s take a look at this article together

First of all, Ethereum mining is measured by computer computing power (or computing power). One block is generated every 10 minutes in the Ethereum network, so when users use ETH for transactions, their blockchain will increase accordingly. However, since Ethereum does not have a smart contract to perform verification operations, miners cannot obtain the required data, which causes the problem of high gas cost. Secondly, due to the lack of built-in functionality and security in Ethereum, mining efficiency is low, making the network increasingly difficult to operate. In addition, Ethereum needs to consume a lot of energy to support the system. If users want to participate in the construction of the system and receive more rewards, they must pay higher fees to enter this platform. Finally, we can see that there are two different mining machines in the market, one is Ethereum Classic (ETC), and the other is Ethereum Classic (ECC)

Mining speed of Ethereum 2021

Editor’s note: This article is from Caiyun blockchain (ID: cybtc_com), and Odaily Planet Daily is authorized to reprint it

In 2020, the number of smart contracts running on the Ethereum network will continue to increase, which will lead to the continuous growth of mining difficulty and computing power The average hourly output in 2021 was 200 million ETHs, compared to around 21 million in 2019. According to the current hash rate, “for a while”, new Ethereum mining machines enter the ecosystem every month; According to the latest data, as of the time of writing, about 1300 new Ethereum have been dug up. By the end of this year, the number may be reduced to more than 3000, which means that it now needs to dig more than 47000 blocks every day to complete the entire Ethereum 2.0 upgrade. If calculated based on the current price of Bitcoin, it is expected that the price of Ethereum will reach over $50000. Therefore, if Bitcoin really wants to achieve its goal of “value storage”, Ethereum must have a PoW consensus mechanism that can support it – the so-called Proof of Stake

Because Ethereum’s PoW algorithm has the characteristics of extremely low cost, scalability and anti ASIC capability, it is very important for developers to improve the efficiency of mining Ethereum. (Note: 4 days ago, the Ethereum community published a blog article saying: “When we consider how to improve the Proof of work algorithm to protect the network security of Ethereum, we will analyze the major challenges that Ethereum may face in the future from a technical perspective.”), Miners are starting to reassess their revenue potential and the products they believe are most suitable for mining. For example, Bitmain is developing its own EIP1559 proposal, which aims to reduce the use of mining machines and reduce power consumption. According to official information, AntPool, a Ethereum mining pool, has announced to cooperate with AntPool to launch a joint beta project based on the ETC main network. The focus of this project is to tokenize the existing POW Cryptocurrency and transform the original token into ERC-20Token As more and more miners join, this not only means more users are involved, but also makes miners more focused on the performance they need. It is reported that the Antpool team plans to launch a new PoW mining solution this summer – Antminer Mimblewimble

As an important part of Ethereum 2.0, PoW is a relatively complex workload authentication process, which involves a series of operations. These processes ensure the speed of transaction execution through mathematical methods, thus ensuring the integrity of the verifier. But the problem is that this security measure also carries risks.