Ethereum

While Ethereum (ETH) supply is on the rise for the first time since December 2022, this trend is attributed to low transaction fees and an increase in daily mints. 
Despite this, Ethereum's inflation remains significantly below Bitcoin's, with a net supply increase of 0.44% annually. As of now, Ethereum's supply stands at 120.26 million. 
On September 15 last year, Ethereum underwent a major update known as Merge. With this update, ETH has transformed its blockchain from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) system. 
Since the merge, a total of 1,013,068 ETH has been burned and 747,774.27 ETH has been minted, resulting in a net supply change of -265,394 ETH. 
<figure id="attachment_124611" aria-describedby="caption-attachment-124611" style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" class="size-full wp-image-124611" src="https://www.bitcoinsistemi.com/wp-content/uploads/2023/10/eth-arz.jpg" alt="" width="841" height="371">
 <figcaption id="caption-attachment-124611" class="wp-caption-text">
 UltrasoundMoney chart showing the recent increase in ETH supply.
 </figcaption>
</figure> 
Related News: <a href="https://en.bitcoinsistemi.com/california-governor-signs-bill-to-regulate-cryptocurrencies/" target="_blank" rel="dofollow">California Governor Signs Bill to Regulate Cryptocurrencies</a> 
If Ethereum had remained in PoW instead of switching to PoS, 1,013,069 ETH would have been burned and 5,156,788 ETH would have been issued in the same time period. This would lead to a supply change of +4,143,719 ETH. So, ETH's transition to the Proof of Stake consensus mechanism has greatly reduced the coin's inflation rate. 
The PoS mechanism requires market participants to hold a minimum number of ETH to verify transactions in exchange for rewards. This differs from the previous PoW scheme, where miners solved transactional problems to process transactions for rewards. 
*This is not investment advice. 
 Continue Reading: <a rel="nofollow" href="https://en.bitcoinsistemi.com/ethereum-total-supply-surges-after-a-long-time-whats-the-latest-data/">Ethereum Total Supply Surges After a Long Time: What’s the Latest Data?</a>

Ethereum Total Supply Surges After a Long Time: What’s the Latest Data?

Bitcoin Sistemi EN

Other articles published on Oct 14, 2023

SEC Opts Not to Appeal Ruling Favoring Grayscale’s Bitcoin ETF Application

TON Foundation Enlists The Support Of Elliptic To Provide Ecosystem Analysis And Security

Radix (XRD) Price Prediction 2024, 2025, 2030, 2040, and 2050

U.S. puts Iran’s $6 billion Qatar hoard on ice

US House Speaker drama challenges crypto prospects for 2023

Assembly for Generative AI: UAE Minister Advocates Regulating AI Use Cases Instead of Technology ...

Join our free newsletter for daily crypto updates!