Try Quests to earn cryptoFlash Bounty: Miners Moving?
How have miners reacted to the fast-approaching merge? Have they stopped mining in recent weeks? Show evidence of miners either stopping work or continuing to mine.
Method
For solving these problems, I deep dive into ethereum miners and their behavior before and after the ethereum merge.
I used ==Ethereum.core== database from Flipside Data and used this specific table to gather the data that i needed: ==“ethereum.core.fact_blocks”==
The analytics that you are going to see and explore are from the beginning of the year
(2022-01-01)
Introduction
What is Ethereum mining?
Cryptocurrency mining is a process of solving complex mathematical problems. Miners are essentially the cornerstone of many cryptocurrency networks as they spend their time and computing power to solve those math problems, providing a so-called “proof-of-work” for the network, which verifies Ether (ETH) transactions. Ethereum, like Bitcoin (BTC), uses a proof-of-work (PoW) consensus process at the moment and will soon switch to a proof-of stake (PoS) mechanism.
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What was The Merge?
The Merge was the joining of the original execution layer of Ethereum (the Mainnet that has existed since genesis) with its new proof-of-stake consensus layer, the Beacon Chain. It eliminated the need for energy-intensive mining and instead enabled the the network to be secured using staked ETH. It was a truly exciting step in realizing the Ethereum vision—more scalability, security, and sustainability.
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Observations
- 507 miners made almost 1.24M transactions since the beginning of the year
- Daily number of transactions recorded its peak on Jul 26 2022 and decreased slowly after that
- Merge happened on Sep 15th and after that number of transactions and number of miners and number of blocks increased dramatically
- Number of miners were almost the same everyday before the merge
- Average of Transactions per miner dropped badly after the merge
Conclusion
- Contrary to expectations, Number of miners and transactions and blocks increased after merge
- ==0xea674fdde714fd979de3edf0f56aa9716b898ec8== is the biggest ethereum miner or we can say the biggest crypto miner
- Cumulative number of transactions,miners and blocks is increasing smoothly
- The lowest number of transactions was on June 26th since the beginning of the year
- Ethereum recorded its number of miners peak on September 16th after the merge since the beginning of the year ==(546 miners in a single day)==
- Ethreum also recorded its number of blocks peak on September 16th after the merge since the beginning of the year ==(7092 blocks)==