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Ethereum’s Miners Revenue Drop Massively due to declining ETH price

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In a report dated 4th February 2020, New Ethereum results show the platform has undergone a huge decrease in investor income collection. 

This downturn can only be traced in particular to the decline of the ETH value that fell a huge way from the all-time $1,500 in 2018 to about $150 in 2019. Ethereum mining revenues decreased by approximately three-quarters around early 2018 and late 2019. 

Figures show miners accumulated $3.7 billion in 2018 while they saw just $935 million in the preceding year. Given this fall, the latest signs refer to steady progress in the platform, which was also demonstrated in the ETH value. 

In a recent tweet by Larry Cermak, a director of research in the crypto market, Ethereum miners have only generated $936 million in their profits. This figure only represents 18.75 % of what Bitcoins alone raised in the very year. The figure factored a big decline as compared to the previous year 2018, where they tallied up to 72% of the Bitcoin revenue.

Ethereum Has A Bright Future Ahead

The overall number of Ethereum domain names has also experienced fast growth, struck all-time highs by 2020, and appears to be going down. Regular mean complexity and the channel’s average hash rate have stayed at safe rates, though perhaps not as high as the height of the industry at the start of 2018. 

Lately, Ethereum programmers decided to postpone a’ difficulty bomb,’ which may have boosted the complexity with decryption. This was aimed at encouraging nodes to relocate to the Proof-of-Stake overhaul that is anticipated in 2021. 

Ethereum Enhancement Proposition (EIP 2387), also identified as the’ Muir Glacier’ or’ Ice Age’ update, has postponed this trouble blast as the programmers face a complex change to Ethereum 2.0. 

Ethereum has a major year down that route of it, with several updates announced prior to the actual unveiling of the far awaited Ethereum 2.0, that will introduce such revolutionary improvements as sharding and proof-of-stake. 

The update was also postponed, with most of the planned improvements in 2019 and 2020. Users are hoping the change will be seamless and prone to no more setbacks, as the update will vastly improve the scaling abilities of Ethereum, and also add staking to the platform to draw further users and implement.

What You Should Know About the Upcoming Ethereum 2.0

From zero to the second quarter of 2020, Ethereum will get to witness the pull-out of the initial stage of Ethereum2. Eth2 is the proof-of-stake (PoS) face of the current Ethereum mainnet and incorporates the idea of sharding to improve the platform capacity. 

As per Vitalik Buterin, the implementation of PoS will result in more than 10 million ETH becoming integrated in the protocol when the two platforms are merged.

Anna Larsen
Anna Larsen has been a Crypto enthusiast since 2016. Fascinated by the technology and its usecases she decided to pursue a career in content creation related to this space. The journey has been exciting ever since.

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