According to the latest statistics released by Etherscan, an Ethereum block explorer, after the activation of the Muir Glacier hard fork, the block times on the Ethereum Blockchain has dropped by 25%.
The past month bore witness to numerous activities happening on the Ethereum Blockchain. After the activation of two hard forks that resulted in multiple difficulties, the network is once again taking the industry’s spotlight.
As per the report of Etherscan covering January 1 to January 4, before the activation of the Muir Glacier hard fork, the average time needed to complete a block was 17 seconds. Now, the hard fork made it possible for the project to complete a block in just 12.70 seconds.
While the hard fork managed to postpone the network’s time bomb once again, the immediate consequence of the reduced block times is already noticeable. Notably, the time bomb, or also called as the Ethereum’s ice age protocol, is designed to increase the mining difficulty in the network until it becomes practically impossible to mine on the Blockchain.
According to Etherscan, on January 1, miners managed to complete 4, 980 new blocks and got rewarded with 10,237 ETH. Then, the hard fork was activated on January 2. Two days after the Muir Glacier went live, miners managed to create 6,570 new blocks and, in return, got 13,437 new ETH as rewards.
The sudden increase in the number of blocks completed daily accounts for 32%. Meanwhile, the surge in block rewards hit over 31%. These figures mean that the supply of ETH is likely to grow by 25%, ultimately putting the annual inflation rate at around 5%. Furthermore, industry experts stressed that the inflation rate would likely increase in the months to come once the network finally launch its hybrid Proof of Stake (PoS.)
However, Ethereum developers claim that they have a plan. According to them, once the full PoS was launched, the existing Proof-of-Work (PoW) would be totally discarded. The inflation rate, no matter how high it gets, would be discarded along with it. The process, as guaranteed by the developers, would bring the inflation rate down to 0.22%, which would ultimately stabilize the Ethereum Blockchain.