Ethereum Classic (ETC) Has Reduced The Block Reward from 4 to 3.2 ETC

Ethereum Classic (ETC) Has Reduced The Block Reward from 4 to 3.2 ETC


17
Mar
2020

The Ethereum Classic (ETC) crypto project has reduced the block reward for miners from 4 ETC to 3.2 ETC as per their monetary policy after just reaching block number 10 Million. This 20% reduction has been introduced with the acceptance of the proposals in ECIP 1017 for change in monetary policy with a 20% reduction in block reward for each Era (every 5 Million blocks). We have just reached 10 Million blocks for ETC and thus the second Era has been finished an we have started the third one, so the next 20% block reward reduction will be after another 5 Million blocks or in little more than 2 years from now if things continue according to plan (2.56 ETC at block 15M). So if you are mining ETC at the moment, then make sure you take into account the just introduced 20% drop in block rewards that is already in effect.

The total amount of coins for Ethereum Classic is 210,000,000 ETC out of which already more than half or 116,313,299 ETC are in circulation. The new 20% reduction in PoW rewards for ETC would definitely hurt miners, especially after the recent drop of prices due to the coronavirus panic that has overtaken not only the traditional financial markets, but the crypto ones as well. So with the already reduced block reward to 3.2 ETC the GPU mining of Ethereum Classic is even worse than it was yesterday with 4 ETC per block. We remind you that about a month ago Antminer E3 stopped mining ETC due to the DAG becoming too big for these Ethash ASIC miners. And although that lead to slight reduction in hashrate, still mining ETC with GPUs at the moment is below 0, unless you have free electricity of course.

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Agustin Sanchez