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.
Introduction
OpenEthereum support ends with the Merge fast approaching
One of the most popular Ethereum clients, OpenEthereum, has ended support for its software in preparation for the upcoming Ethereum Merge. OpenEthereum creates “clients” or software used to interact with the Ethereum network allowing anyone to create an Ethereum node to mine Ether (ETH), which is currently using a proof-of-work (PoW) consensus mechanism. In a Twitter thread, the OpenEthereum team explained that with the Merge approaching and the legacy codebase becoming “increasingly difficult to manage” due to its age, it was the right time to end support.
The project was formerly owned by blockchain infrastructure company Parity Technologies before it transitioned ownership to the OpenEthereum decentralized autonomous organization (DAO) in December 2019.
The OpenEthereum team wrote that “well documented” clients were required to “navigate the upcoming Merge and successful shift to proof-of-stake (PoS),” directing users to change clients to other providers such as Nethermind or Erigon.
Related: Core Ethereum developer details changes to expect after the Merge
The Merge is the name for the planned upgrade to the Ethereum blockchain which will merge the existing proof-of-stake Beacon Chain launched in December 2020 into the current proof-of-work mainnet, which validates transactions on the network.
The planned upgrade has seen constant delays since first proposed in 2016 and initially had a deployment date of 2019. It was believed that the Merge would happen in mid-2022 but delays occurred in April.
Due to the upcoming Repsten testnet merge, Ethereum developer Preston Van Loon said last week the upgrade would happen in August 2022 “if everything goes to plan.”
At the time, Parity wrote they wanted to ensure that the codebase is “maintained and lives on for as long as the community finds it useful,” OpenEthereum wrote:
> “The usefulness has run its course, and we look forward to the next phase of clean, green and massively scalable blockchain infrastructure.”
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Result and Discussion
Based on our findings and researches:
There is 6620 of miner in ETH network.
Transaction’s number peer week has an increasing trend from 2016 to 2022 . In this way, less than 100 thousand transactions turned into more than 6 million transactions.
The chart of the average transactions made by the miners is more similar to the number of transactions per week. This is how less than 100 ETH became more than 120K ETH over 2016 to 2022. But a big drop happened in September 2022.
The number of active miners per week has trended downwards after a sharp increase in 2015. However, a very strong increase can be observed in September 2020.
The chart of the 50 largest miners shows that more than 50% of mining is carried out by just three miner!
And more than 90 percent of transactions are conducted weekly by the top 50 miners.
Examining another chart (Top 20 miners in the last 6 months and Percent of transactions done by top 20 biggest miners weekly charts) shows that more than 93 percent of the mining processes were performed by the top 20 miners in the last 6 months.
The Percentage of Transactions Executed by Top 20 Miners Weekly chart shows a sharp drop in Sep. 2022, so that the percentage of transactions made by the 20 largest miners has dropped from 93% to less than 50%.
The most important point: By checking the details of the transactions in the top 20 miners in the ETH network, the line chart of "Exploring the 20 miners" was visualized.
The number of transactions will be reduced to zero on September 16th. 2020. This means that all 20 top miners will cease their activities!
All indications are that the 20 largest miners have responded to the upcoming merger by shutting down!
First, we need to know some information about the totality of miners and their activity. With this information, we can judge the work and activity of miners before and after the fast-approaching merge.
The following charts and graphs can be a good aid in understanding the subject. Then we can answer the demands.
The following charts show the:
- Total number of miners
- Transaction number per week
- Number of active miners per week
- Average transactions are done by miners
- All of the above graphs in one.
- Top 50 biggest miners (Bar chart and donate chart)
- Percent of transactions done by the top 50 biggest miners weekly
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