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More Grayscale research papers and investment theses are available at: www.grayscale.co/insights 11|19 Mining Rewards At inception, 72 million ETH were created and distributed to the public, the Ethereum Foundation, and developers in an initial crowdsale as specified in Figure 2. Ethereum is equipped with a disinflationary mechanism to control the rate of new ETH supply issuance, which is currently capped at an additional 16 million ETH a year. The intuition behind this was to prevent arbitrary creations of money, potentially leading to hyperinflation or manipulation. Miners who successfully confirm a transaction and upload it to the blockchain receive block rewards for their effort, providing an incentive and attributing to the exponential increase in network usage. Block rewards began at 5 ETH, decreased to 3 ETH after the Byzantium hard fork, and decreased to the current reward of 2 ETH after the Constantinople hard fork.27 Like Bitcoin, Ethereum miners may also be paid additional amounts of ETH to account for transaction fees. FIGURE 4: ETHEREUM PROPOSED MINING REWARD TIMELINE28 Since inception, the history of block rewards is as follows29: • Block #0 to Block #4,369,999: 5 ETH • Block #4,370,000 to Block #7,280,000: 3 ETH (changed via EIP-649) • Block #7,280,000 to now: 2 ETH (changed via EIP-1234) 27. “The Thirdening: What You Need to Know.” Consensys. January 10, 2019. https://media.consensys.net/the-thirdening-what-you- need-to-know-df96599ad857. 28. “Monetary Policy.” EthHub. https://docs.ethhub.io/ethereum-basics/monetary-policy/. 29. “Monetary Policy.” EthHub. https://docs.ethhub.io/ethereum-basics/monetary-policy/. PLEASE REVIEW IMPORTANT DISCLOSURES & OTHER INFORMATION AT THE END OF THIS PAPER. ©2020 Grayscale Investments, LLCPDF Image | An Introduction to Ethereum
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