Ethereum Ice Age May be Imminent If Miners Withdraw From Network
Julia Magas's original article for cointelegraph.com reduced by 72%
Initially, the bomb was supposed to explode after Ethereum would be ready to work on the new algorithm called Casper, and provoke the so-called Ice Age - a transitional stage during which mining new coins would become difficult and unprofitable. At the same time, the difficulty bomb has been about to explode several times and the Ethereum team has been constantly delaying it by conducting hard forks, so as not to frighten miners supporting the stability of the network ahead of time. Even partial withdrawal of miners can jeopardize the security of the Ethereum blockchain, as well as increase the likelihood of a 51% attack - similar to the one that occurred on the Ethereum Classic network.
"Neither the Ice Age nor Ethereum 2.0 mean the end for miners. Many of them will switch to mining other coins, such as Zcash or Ethereum Classic. Those who are mining Ether, have nothing to fear in the near future.
However, it's important to ensure the mining equipment will be paid back before the transition to PoS is made." Reducing decentralized projectsThe drop in the scalability of the Ethereum network due to a possible approach of the Ice Age could be tragic for decentralized applications. Marcus Ligi, creator of the Walleth Android wallet, believes that removing the difficulty bomb will lead to Ethereum network updates being implemented less often and miners becoming less incentivized to update their software and equipment. Hudson Jameson, a core developer liaison at the Ethereum Foundation, shared the same opinion, adding that Ethereum users and miners should know that there are no critical threats posed by the difficulty bomb and that all it does is increase the block times.
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