"2019 Ethereum Production Rules and the 2020 Reduction in Supply"


2023-06-01 23:21

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The Ethereum production rule for 2019 states that block rewards for miners will be reduced from 3 ETH to 2 ETH per block, with an average block time of approximately 15 seconds. This is in an effort to reduce inflation and promote sustainability in the Ethereum network. Additionally, in 2020, there will be a further reduction in block rewards from 2 ETH to 1 ETH per block. This reduction is intended to increase scarcity and value of Ethereum, while also encouraging development of other revenue streams for miners through transaction fees.

Release time 2023 06 01

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The Ethereum production rules in 2019 refer to the mining reward system for the cryptocurrency Ethereum. In 2019, the mining reward for each new block was set at 3 ETH. This meant that for every block added to the Ethereum blockchain, the miner responsible for the block would receive 3 ETH as a reward.

However, in 2020, the production rules for Ethereum were revised to include a reduction in the mining reward. This reduction was aimed at reducing the inflation rate of Ethereum and increasing its scarcity, thereby increasing its value. As of now, the mining reward for each new block on the Ethereum blockchain is 2 ETH. This reduction will continue until the maximum supply of Ethereum, which is currently set at 120 million, is reached.

Release time 2023 06 01

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Release time 2023 06 01

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