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Ethereum Beacon Chain surpasses 300K Validators, More Than $28 Billion in Ether deposits Locked

The number of Ethereum 2.0 validators has passed 300,000. This is yet another milestone for the Ethereum protocol.

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Ethereum Beacon Chain surpasses 300K Validators, More Than $28 Billion in Ether deposits Locked

The Ethereum 2.0 contract currently has more than 9.6 million ether deposited in excess of $28.4 Billion at the time this article was written.

Ethereum Beacon Chain Validators Exceed the 300,000. Mark

Ethereum network participants have been working for a while to change from a proof of work (PoW), to a protocol that only relies on the proof–of-stake consensus algorithm.

The Ethereum community has been operating a parallel system that leverages PoW, PoS via Beacon chain. Eventually PoW will be phased off. The value of Ethereum ( ETH) has increased by 107% over the past year, and ether has increased 14.1% in the last two weeks. To become a validator, you will need 32 ether or $94,400 at the current Ethereum exchange rates.

Just recently, the number of validators for Ethereum 2.0 has surpassed 300K 300 702 validators. This milestone was reached on February 28. The number of validators has increased 9.11% since the beginning of the year from 275,594 validators. The Ethereum 2.0 smartcontract currently holds 9.68million ether deposits valued at over $28.4 trillion today. Every day, deposits are made into the deposit contract in 32 ether increments.

The Beacon Chain was launched during Ethereum's Serenity update in December 2020. There are two types of validators: proposers and attestors. Attestors validate the transactions of the blocks while proposers help to create new blocks. Instead of receiving ethereum block rewards from pools of miners, validators get rewarded for stakes via the Beacon Chain.

Ethereum's Hashrate Coasts At Record Highs, Arrow Glacier Delays Mining Toughty Bomb

At the moment, the Ethereum network's top ethereum mining pool operations are at their highest level. Ethereum's overall hashrate today is 1.08 petahash per second (PH/s) or 1,082,043,832,616,262 hashes per second (H/s). The average ether block duration and the network's mining difficulty are used to calculate hashrate.

While there is an increase in ETH validators and deposits, it is not clear when the transition to a PoS-based Ethereum 2.0 will take place. The Arrow Glacier delayed the mining difficulty bomb in December 2021. This would have prevented miners from mining via PoW. The implementation of the difficulty bomb, or the motivated transition to PoS, was delayed until June 2022.


 

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