Cryptocurrency

Mining of Ethereum increase limit of Gas

During the day this Friday, the community of miners of Ethereum increased the capacity of the network to run. This is an increase that allows for large amounts of transactions per second.

The increase of the limit of Gas, is around 25% and reach limits not seen up to now in the network. This phenomenon, it should be noted, occurs when a large number of miners made a joint effort to increase the capacity.

In this way, the number of Gas block has increased considerably, departing from the base of 10,000,000. Virtually all pools mining this criptomoneda, at the time of writing, reported to the Gas above the 12,000,000.

“Another great milestone for the community”

The fact that the mining of Ethereum will agree to increase the speed of the network, has brought a seizure. In social networks, are opinions of all kinds about this increase. Some favorable, and others which express their total displeasure with the fact.

For example, Bitfly, the firm owner of Ethermine, one of the pools mining the ETH, gave his opinion. By means of a message in your account on the social network Twitter, said that this increase of the limit of Gas, is another major milestone for the community.

“The mining of Ethereum voted to increase the limit of Gas a block of 10,000,000 up to 12.500.000. In theory, this means that the network of Ethereum now has the capacity to process ~44 transactions per second, instead of ~35. Another great milestone for the community,” puntualizaron.

Other pools mining as Hiveon Pool Spark Pool and F2Pool also reported the limit of gas above the 12,000,000. However, these are not issued, until now, any comment on that.

What is that Gas which the mining of Ethereum increased?

In simple words, the Gas, is the amount that is paid for to perform operations on the network Blockchain of Ethereum. It should be borne in mind that, when speaking of operations, you can be one (or several) transactions, creating applications or centralized enforcement of contracts, smart.

There are several reasons to cancel a Gas. Some of them are paid commissions transactions for the mining of Ethereum the validate. Another reason is to avoid that crash the system with an operation not allowed and, finally, to not collapse the system with foreclosures, inflated by actors negative.

Another of the important factors of the Gas, which determines the amount of transactions that can be included in a block. So increase the limit block-by-block, allows the increase of the capacity of the network, making it faster. This has been the case today. Could this have long-term impacts?

Limit Gas Ethereum was increased by 25% on the part of the miners. Source: etherscan.io

An increase that could lead to very negative consequences

The other side of the coin, that is to say, people who are dissatisfied with the mining of Ethereum because of the increased speed of the network, also expressed their points of view. The main concern was about possible long-term consequences.

The above mentioned increase, could make the network Blockchain becomes too large. As a result, it would be difficult and costly to keep it afloat.

This has been the opinion of important figures in the network, for whom congestion means vulnerability. For example, the developer Péter Szilágyi, considered this act the mining of Ethereum, as a gesture of selfishness, because, by pursuing immediate profit, do not take into account the consequences for the network.

Another that is said, it was the co-founder, Vitalik Buterin. For him, the fact that the mining of Ethereum to increase the limit of Gas, it could be a little less convenient. At the same time, he said that he understood the point of view of the miners.

To increase the limit of Gas, the mining of Ethereum enjoy low commissions and this makes the network easier to use. “I spent $40 in commissions just by transferring to three people,” wrote Buterin, making a clear reference to those companies must transfer amounts are high in the that leave tens of thousands of dollars in commissions.

Data to be taken into consideration

An increase of the limit of Gas of 25% has not occurred since September of 2019.Gas is a unit of measure of the amount of computational effort it takes to run an operation.All operations performed in the network Ethereum, from transactions to contracts intelligent, require a certain amount of Gas.

Reliable sources

The information of this content has been taken from reliable sources which are detailed below:
*Content managed in a professional manner on the part of the authors of CriptoTendencia.
*External sources: Etherscan.io, Ethgas.oi.

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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