Binance announces that it will support the Ethereum Muir Glacier update

The Binance cryptocurrency exchange has announced that it will support the update of the Ethereum network: Muir Glacier.

Binance announces that it will support the Ethereum Muir Glacier update

ETH deposits and withdrawals are suspended

Binance announced this December 30 in a post published on his blog that Ethereum (ETH) deposits and withdrawals on the platform will be suspended before the update is executed. However, operations on ETH performed during the update will not be affected.

Binance told the post: “Please allow enough time for deposits to be fully processed before the height of the ETH network block mentioned above. We will take care of all the technical requirements necessary for all users who have ETH in their Binance accounts.”

The Muir Glacier update

Ethereum developer James Hancock proposed on November 22 a new update that will arrive less than a month after the hard fork in Istanbul. The exact date on which the Muir Glacier update will be executed is not easy to determine due to changes in times and time zones, however it is expected to be activated in the main network on January 1, 2020 in block 9,200,000. Block statistics can be tracked in real time on the website.

The Muir Glacier update aims to delay the so-called "difficulty bomb", which is a mechanism that is supposed to make the generation of new blocks in the network much more complicated.

Cat Herders, developers of the Ethereum network, explained in a post: “The moment when the difficulty bomb begins to take effect is difficult to estimate. While Istanbul was planned, it was first estimated that the bomb would not be noticeable until mid-2020. This implied that it could be safely delayed in the follow-up update to Istanbul. However, those estimates were wrong.”