What is the impact on the output of Ethereum miners (Ethereum miners are too expensive)

08/05/2023 21:58 • NFT Newsflash • 116 views

What is the impact on the output of Ethereum miners Editor’s note: This article is based on data, and Odaily Planet Daily is authorized to reprint it

How is the output of miners in Ethereum affected? It mainly comes from the relationship between the number of blocks excavated by miners and the transaction volume generated. According to Etherscan data analysis, as of 18:30 on July 5th, the total network computing power was 125.6TH/s, a decrease of 11.8% compared to before; The increase in computing power has led to an increase in mining machine performance and user demand

Since there is no new ASIC chip in the Ethereum network at present, the mining pool has no special response to the price of Ethereum. As ETH prices decline, miners will continue to transfer to other assets. How many Ethereum miners have produced? What adjustments will be made after Ethereum miners produce them? Specifically, when miners start producing new Bitcoin, it will raise concerns among mining companies and investors that miners may be forced to purchase more Ethereum. This may lead them to focus on high-risk investment targets (such as BTC), which are often seen as profit tools or as a way of hedging. (Of course, if there is a lot of money in the mine, it will also bring a lot of benefits to the miners.) So how can we determine whether the output of miners can continuously improve the value of mining machinery? We can learn about it from the table below

The first thing to consider is the network resources and storage capacity owned by Ethereum blockchain developers. In order to ensure the effective operation and development of the protocol, the development team has decided to allocate node resources from the existing network to a separate server and add them to the cloud service. But for most miners, this method is not very suitable for most Cryptocurrency exchange. On the other hand, the project parties in the Ethereum ecosystem can also choose to adopt similar methods to reduce costs In addition, miners need to obtain pledge rewards or pay handling fees through third-party escrow wallets. For example, if you want to issue your own token (such as ERC20 token) in a project on the Ethereum chain and want to obtain additional income, you need to be guaranteed by the mine pool. Once all these tokens are sold out, they can be redeemed at any time

Ethereum miners’ fees are too expensive

According to CCN, Ethereum miners’ fees are becoming more and more expensive. According to the statistics of CoinMarketCap, at present, the cost of Ethereum miners is more than 1.6 million dollars, compared with more than 1.4 million dollars in the same period last year. In response, Ethereum Classic CEO Charles Hoskinson said, “This is not a completely unreasonable thing.” He added, “I do think miners’ fees are expensive (because they want to do what they like), but we know that spending money on Bitcoin networks has been going on for a long time

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What is the impact on the output of Ethereum miners (Ethereum miners are too expensive)

Ethereum miners’ fees are too expensive

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