Bitxmi Exchange will support the upcoming Ethereum Hardfork
Singapore based cryptocurrency exchange, Bitxmi, will be supporting the upcoming Ethereum network upgrade hard fork named, Muir Glacier. Deposits and Withdrawals of Ethereum will be suspended before the block height 9,200,000 when the upgrade is set to occur.
The deposit and withdrawal will be opened as soon as the upgrade is considered stable.
What is Muir Glacier Upgrade?
Ethereum works on Proof-of-work (PoW) algorithm, that is the network solves a computational puzzle to mine a block. To maintain an average block time, Ethereum manipulates the network difficulty. But every 100,000 blocks the difficulty of the network increases which makes it harder to maintain the average block time.
Initially, the difficulty is small and barely noticeable. But during a long period, the difficulty is exponential which renders the network unusable. This is known as the difficulty bomb.
Muir Glacier is an upcoming network upgrade subsequent to the Istanbul upgrade which is designed to delay the difficulty bomb. The upgrade brings only one improvement proposal – EIP2384. EIP 2384 delays the difficulty bomb by 4 million blocks, or 611 days.
The new hard fork won’t create any new tokens.
What should an Ethereum holder do?
If you are on Bitxmi exchange, you don’t need to do anything as all the tech will be taken care of by the Bitxmi team.
If you are holding Ethereum as a node operator or a miner, you have to update the Ethereum client to the latest version. All the information will be provided on Ethereum’s official blog.
Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.