Ethereum mining difficulty: new jump

What is the reason for new jump of Ethereum mining difficulty and what effect it has on Ethereum price?
22 September 2017   1829

For the last 24 hours, Ethereum mining difficulty increased by 1.16 times. ETC mining difficulty is now almost 2405.383 TH.

Ethereum mining difficulty chart
Ethereum mining difficulty chart

As you can see from a chart above, for less than 24 hours there was a huge jump. Let's figure out, what is the reason for it.

This situation can be caused by so called “Difficulty bomb impact”. 

Ethereum difficulty bomb impact
Ethereum difficulty bomb impact

What is Ethereum Ice Age? 

The Ethereum Ice Age is a difficulty adjustment scheme that was put in place to ensure that everyone has an incentive to move to the new blockchain once the hard-fork is implemented. It was introduced on the 7th of September (2015-09-07), about 11 months ago and it’s programmed to raise difficulty exponentially.

It’s impossible for miners to keep up with the increase of difficulty which would raise block time and it would make the blockchain freeze, hence the name Ice Age.

Ethereum Price Chart

Ethereum is down by 7.69% for less than 24 hours. Average price is $262.05.

Ethereum Price Chart
Ethereum Price Chart

ETH total market cap is $24.8B 

Ethereum Community Fund Created

Cosmos, Golem, Global Blockchain Labs, Maker, OmiseGo, Raiden and Tendermint are involved in the creation of the new fund
16 February 2018   112

Prominent members of the Ethereum ecosystem open a fund designed to support projects developed on the blockchain of the second largest crypto currency. This is reported by CoinDesk.

Cosmos, Golem, Global Blockchain Labs, Maker, OmiseGo, Raiden and Tendermint are involved in the creation of the Ethereum Community Fund (ECF). Their goal is to introduce the services on the basis of Ethereum in the infrastructure of companies, which they can be useful.

The fund's founders also intend to launch a grant program that will provide "permanent financial security" to selected projects, the press release said.

The founder of Ethereum Vitalik Buterin directly participates in the work of the fund, in a letter to CoinDesk confirming that he acts as an adviser.

Ethereum has grown beyond my expectations over the last few years, but the work is clearly not finished. Delivering value that matches the hype should be the mantra of 2018; efforts such as the ECF which help organize the development of the ecosystem are going to help make that possible.
 

Vitalik Buterin

Co-creater, Ethereum

ECF is not the only organization dedicated to the development of the Ethereum ecosystem. Ethereum Foundation, a not-for-profit organization that also makes a significant contribution to the development of the platform, in January announced the launch of two sponsorship programs designed for developers seeking solutions to scale the network. The Enterprise Ethereum Alliance provides resources to companies interested in applying Ethereum, and links Fortune 500 companies with crypto-cash start-ups.