Ethereum Classic - block reward decreased from 4 to 3.2 ETC
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- Created: Monday, 23 March 2020 06:55
The crypto project Ethereum Classic (ETC) has reduced the block reward for miners from 4 to 3.2 ETC in accordance with their monitor policy upon reaching the block under serial number 10 million. This 20% decrease was introduced by accepting proposals in ECIP 1017 for changing monetary policies with emission reductions of 20% each new era (5 million blocks). we have just reached block number 10,000,000, thus moving on to the 3rd era. Therefore, the next 20% (to 2.56 ETC) reward reduction will occur on the 15 million block in just over 2 years. Therefore, if you are currently mining for Ethereum Classic, be sure to take into account the block reward just introduced.
The total number of coins for Ethereum Classic is 210,000,000 ETC, of which more than half or 116,313,299 ETC are already in circulation. The new 20 percent reduction in PoW rewards will definitely hurt miners, especially after the recent price drop due to the panic caused by the coronavirus, which has swept not only the traditional financial markets, but also the cryptocurrency ones. Thus, with a decrease in block rewards to 3.2 ETC, Ethereum Classic mining on the GPU has become even less profitable than a couple of days ago. Recall that less than a month ago, ASIC Bitmain Antminer E3 miners stopped mining ETC due to the fact that the size of the DAG file became too large for Ethash ASIC miners, and although this fact slightly reduced the power of the ETC network, at the moment ETC mining using GPU is unprofitable, unless of course you do not have a "magic socket".