• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision

Number Of New Ethereum Validators Remains Flat Ahead Of Shanghai Upgrade

Dalmas Ngetich by Dalmas Ngetich
2 months ago
in Ethereum
Reading Time: 3 mins read
Advertisement

There is no marked shift in the number of new addresses depositing the required 32 ETH, the minimum amount required to be deposited into the Beacon Chain for holders who wish to operate a validator node, into the official Beacon Chain Deposit Address ahead of the Shanghai Upgrade on Ethereum.

The Shanghai Upgrade is scheduled for March 2023 and this hard fork will allow stakers to unlock ETH locked in the Beacon Chain.

Number of New ETH Depositors Falling

Apart from the spike in new deposits in the second quarter of 2021, the number of new accounts depositing 32 ETH is declining. The figure remains flat throughout the second half of 2021, the better part of 2022, and January 2023. 

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Data from Cryptoquant shows that 49 new accounts deposited 32 ETH into the Beacon Chain on January 23, down from 210 recorded less than 10 days earlier on January 13. This is nothing compared to the 2,158 new depositors recorded on May 27, 2021. 

Related Reading: Number of New Ethereum Smart Contracts Falls 60% in 2023

Ethereum shifted from a proof of work system to a staking system in 2022 via the Merge. During the Merge, the proof-of-work algorithm was officially switched off as the network transited to a staking system, replacing miners with validators. 

Validators are required to stake at least 32 ETH. This amount is needed to ensure that they comply with the network’s rules. Validators are tasked with confirming on-chain transactions and securing the network.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

The stake amount is “slashed” whenever they try acting maliciously, or their performance drops, falling lower than the network stipulates. In extreme cases, other Ethereum validators can “slash” the offending validator, wiping out their entire stake.

Proof-of-Stake In Ethereum Fosters Decentralization

The growth in the number of unique accounts, mostly validators depositing over 32 ETH, has been linear since late 2020. To illustrate, the number of unique depositors rose from 77 on November 4, 2020, to 82,634 on January 24, 2023. This steady growth is a positive for Ethereum as a network. It could be an indicator of the positive response from the community. 

By eliminating miners for validators, the playing field is leveled for everyone, including those who couldn’t afford to buy mining gear or actively keep track of graphic card prices. Ethereum validators are required to ensure their nodes operate with high reliability and 100% up-time. This is in place of operating mining rigs which were energy intensive, scarce, and generally expensive.

As of January 25, over $25.2 billion worth of ETH was officially locked in the official Beacon Chain Deposit Address. The dollar value, however, fluctuates depending on the ETH spot rates.

Ethereum Price on January 25
Ethereum Price on January 25| Source: ETHUSDT on KuCoin, TradingView

After peaking in late November 2021, ETH prices have more than halved to spot rates at $1,556 on January 2023 at the time of writing. On June 18, 2022, ETH prices fell to a cycle low of $880. 

Related Reading: Money Leaves ADA, SOL To Small Cap Altcoins, Here’s Where It’s Headed
Feature image from Canva, Chart from TradingView
Tags: Beacon chainethereumShanghai UpgradeValidator
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Dalmas Ngetich

Dalmas Ngetich

Interested in new Tech

Related Posts

Bitcoin Market Dominance Hits 9 months High as Altcoins Turn Red

Bitcoin Market Dominance Hits 9-Month High As Altcoins Turn Red

4 days ago
Use Multi-Signature And Social Recovery Wallets To Achieve Self-Custody, Ethereum Creator

Use Multi-Signature And Social Recovery Wallets To Achieve Self-Custody, Ethereum Creator Says

5 days ago
Ethereum

Ethereum Maintains Bullish Form As Developer Confirms Date For Shanghai Upgrade

6 days ago
Ethereum

Ethereum Displays Bullish Pattern, What To Expect Next?

1 week ago
Ethereum whales

Ethereum (ETH) Continues Rally As Whales Goes On Buying Spree, $1,700 Next?

1 week ago
Ethereum Founder Buterin Dumps These Meme Coins, What You Need to Know

Ethereum Founder Buterin Dumps These Meme Coins, What You Need to Know

2 weeks ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Polygon Partners With Stripe, How Could This Impact Orbeon Protocol And Binance?

March 23, 2023

Why Toncoin (TON) and Cronos (CRO) Holders are Acquiring More Collateral Network (COLT)

March 23, 2023

TMS Network (TMSN) Presale Success Stirs Markets While Experts Advise To Be Cautious With Conflux (CFX) And Ravencoin (RVN)

March 23, 2023

Solana (SOL) Price Prediction; TMS Network ICO (TMSN) And Avalanche (AVAX) Shines

March 23, 2023

Cryptocurrencies To Get Before April 2023 Ends: Conflux (CFX), yearn.finance (YFI) and TMS Network (TMSN)

March 23, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.