When Ethereum went online in 2015, it adopted Bitcoin’s Proof of Work (PoW) mechanism: miners obtain newly issued ETH by verifying transactions and maintaining network security. In the following seven years (until the PoS upgrade in 2022), the entire network generated approximately 49.1 million ETH through mining, which continued to dilute the early concentration of pre mined tokens.
According to YCharts data, the number of independent coin holding addresses on Ethereum has skyrocketed from thousands in 2015 to 170 million in September 2022, showing an exponential growth. At the same time, the speed at which the network releases ETH through block rewards has significantly slowed down – from 5 ETH per block in 2015 to 3 ETH in 2017, and further halved to 2 ETH in 2019. This stepped production reduction mechanism not only controls the inflation rate, but also profoundly reshapes the holding structure of tokens.
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