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Ethereum Beacon Chain Exceeds 300,000 Validators, with Over $28 Billion in Ether Deposits Secured

The Ethereum protocol has reached yet another milestone, with over 300,000 Ethereum 2.0 validators. The Ethereum 2.0 contract has over 9.6 million ether deposited valued over $28.4 billion at the time of writing.

The number of Ethereum Beacon Chain Validators has surpassed 300,000.

Participants in the Ethereum (ETH) network have been preparing to switch from a proof-of-work (PoW) system to a protocol that only relies on the proof-of-stake (PoS) consensus process for quite some time now.

The Beacon chain has been used by the Ethereum community to run a parallel system that combines PoW and PoS, and PoW will eventually be phased out. The value of Ethereum (ETH) has risen by 107 percent year to date, and it has risen by 14.1 percent in the last two weeks. To become a validator today, you’ll need 32 ether, or $94,400 at today’s ETH exchange rates.

As of February 28, the number of Ethereum 2.0 validators have hit 300,702, putting it above 300,000 for the first time. The number of validators has increased by 9.11 percent since the beginning of the year, from 275,594 validators. The Ethereum 2.0 smart contract now holds 9.68 million ether deposits worth $28.4 billion. Deposits are made into the deposit contract on a daily basis in exact quantities of 32 ether per deposit.

Proposers and attestors are two types of validators on the Beacon chain, which was deployed in December 2020 as part of Ethereum’s Serenity upgrade. Proposers encourage the creation of additional blocks, whereas attestors verify the block’s transactions. Validators are rewarded for staking via the Beacon chain, rather than pools of miners receiving ethereum block rewards.

The hashrate of Ethereum is at an all-time high, and the Arrow Glacier is delaying the mining difficulty bomb.

Ethereum mining pools are currently running at their greatest levels in the Ethereum network’s history. The hashrate of Ethereum is currently 1.08 petahash per second (PH/s), or 1,082,043,832,616,262 hashes per second (H/s). The average ether block time and the mining difficulty of the network are used to calculate hashrate.

While the number of deposits and ETH validators continues to rise, no one knows when the Ethereum 2.0 system will fully switch to a PoS-based system. The Arrow Glacier postponed the mining difficulty bomb in December 2021, which would have prevented miners from mining via PoW. The difficulty bomb, often known as the motivated transition to PoS, has been postponed until June 2022.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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