June for 2Miners: a bomb of Etherium complexity and zero commissions on the Firo pool

July 1, 2022 by cryptobreak

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The first month of summer 2022 was part of history. Bitcoin has seen a near-record slump in that period, but the cryptocurrency industry is still going strong. The same is true for mining, which keeps many networks running. Today, as usual, we sum up the results of the month for the 2Miners pool.

Contents

1 Deferral for the Effirium complexity bomb
2 Zero commissions for Firo
3 Reduced block fees on the Ergo network
4 Node upgrade
5 High MEV reward in Etherium

Postponement for an Etherium complexity bomb

Yesterday, an update called Grey Glacier was activated on a block numbered 15,050,000 on the Etherium network. Thanks to it, the so-called complexity bomb has been delayed until around mid-September, and the block creation time has dropped from 16 seconds to 13 seconds.

Accordingly, blocks will be created faster and there will be more of them. And that essentially equates to more rewards for miners.

The current block time figure for the Etherium network is available on the relevant page of the 2CryptoCalc calculator.

The performance of the Etherium network

In June, we published an article “Abandoning mining in favour of Proof-of-Stake – a major mistake by Ethereum developers”, in which we discussed the future of the Eth blockchain’s transition from the PoW consensus algorithm to PoS. It also describes why the decision to abandon ETH mining with video cards is the biggest mistake of the network’s developers.

Zero commissions for Firo

On June 16, 2022, the Firo network went halving. As a result, the reward per block dropped from FIRO 6.25 to FIRO 1.5625 and the block creation time dropped from 5 minutes to 2.5 minutes. Accordingly, miners will now receive half the reward.

The 2CryptoCalc calculator has been updated to reflect this. And FIRO update details are described on this GitHub page.

To support miners who felt the changes in the monetary policy of Firo developers, 2Miners pool completely removed the commission. That means that it is now 0 per cent.

Zero commission for 2Miners pool FIRO

Accordingly, from now on all the FIRO mined will be paid to the miners. This is relevant for both mining modes – Solo and Pool.

Pool: firo.2miners.com
Solo: solo-firo.2miners.com

The change is already in effect and will remain so until further notice.

Reduced block reward on the Ergo network

On 22 June 2022 the block reward on the Ergo network has decreased from 63 to 51 ERG on block number 777 217. The 2CryptoCalc calculator has also been updated accordingly.

Alas, the declines won’t end there. The next wave of reward subsidence will take place in early July. Here’s a relevant quote from the developers.

The block reward is reduced every three months by 3 ERG. Given the issuance schedule, the next payout drop will take place tentatively on the second of July. The reward will sag by 3 ERG and will be 48 ERG. After another three months, the award will drop to 45 ERG – and so on. This will continue until the award drops to 3 ERG per block.

Details of this are described on the ERGO website.

Update nodes.

The 2Miners pool updated four nodes in June.

Beam Node Groovy Gluon 7.0.13064
Ergo Protocol Reference Client 4.0.31
ETC CoreGeth/v1.12.7-stable-a374c2e8
ETH Geth for Grey Glacier hardfork

High MEV rewards in Etherium

There have been a few nice blocks on 2Miners’ Etherium pool this month. For example, the MEV reward for block number 14,959,135 was almost 165 ETH. These went to the miners of the Etherium pool.