Ethereum is getting exponentially harder to mine…
Why is this? The Ethereum Ice Age is coming!
What’s the Ethereum Ice Age?
It’s based on the difficulty adjustment scheme put into place on Ethereum blockchain to ensure that everyone has an incentive to move to the new blockchain once the next hard-fork is implemented.
First introduced on the 7th of September 2015, and it’s programmed to raise difficulty exponentially to the point where it will be impossible for miners to keep up with the increase of difficulty, leading to rising block times and eventually freezing the old blockchain to a halt, hence the name Ice Age. This was down to encourage everyone to hard-fork to the newly improved Ethereum chain, however sometimes blockchains have a mind of their own and find it hard to just die and ‘call it a day’.
So now that another Ethereum hard fork is on the horizon, making for a very interesting outlook on the Ethereum front.. ETH, ETC… and now will there be another trying to make a name for itself?
In the following video, smart contract programmer Ivan explains quite simply – if that is even possible – what the hell is going on with Ethereum as the Ice Age approaches…
Be sure to visit Ivan’s YouTube channel and subscribe for more great insights on Blockchain / Crypto technologies from a programmer’s perspective.