A few days ago, the Ethereum network successfully completed the Muir Glacier hardfork. With the new upgrade, the Ethereum blockchain now produces blocks much faster than before.
Data from Ethereum explorer Etherscan now shows that block production time is about 25% faster. Between Jan. 1 and Jan. 4, the blockchain’s average block production time fell to 12.96 seconds, from 17.16. The drop shows a 24.48% increase in block time.
The recent upgrade was done because of problems surrounding Ethereum’s difficulty bomb. With the previous upgrade, it was discovered that there were issues with the timing of the difficulty bomb. Now that Muir Glacier has been completed, the difficulty bomb has been postponed by four million blocks.
Since block production time has been reduced, more blocks are being mined daily, on average. Etherscan also shows that on January 1, 4,980 new blocks and 10,237 ETH were created. On Saturday the 4th, 13,437 ETH was mined with 6,570 new blocks. This is already a 31% jump in block rewards received by miners, and a 32% jump in block volume.
The Muir Glacier upgrade is the network’s second upgrade in less than 30 days. The first was the Istanbul upgrade which occurred on Tuesday, the 7th of December.
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