[ETHEREUM CLASSIC] – change in block award, crypto deflation in practice
This is our first post as a group partner. We would like to popularize mining; substantively and to the point.
Todays entry is dedicated to Ethereum Classic (ETC), which has just started the fourth era. What does this mean in practice:
ETC era lasts 5,000,000 blocks, after every 5 million blocks a new cycle starts;
each era means a change of the block reward;
the new block reward is reduced by 20%;
the base block reward value will be changed from 3.2 ETC to 2.56 ETC;
this mechanism will remain in effect until zero is reached;
in practice, this means that miners’ salaries will be reduced by 20%;
in the long term, the value of the ETC should strengthen due to the increasing difficulty to obtain new coins;
such monetary policy is the opposite to most FIAT currencies (fiat currencies, such as USD, EUR, PLN), where high inflation is in force;
no software updates on the miner’s side are required;
our zetpool mining pool has updated the software and pays salaries in line with the Ethereum Classic fourth-era policy.
Author: Marcin Żywica from ŻET Technologies
Miner, founder of ŻET Technologies, a company designing and manufacturing advanced crytpo miners. ŻET Technologies provides computing power for blockchain networks, creates technology for 21st century business.