Why is ETH continuously mined (high inefficiency of ETH mining)?

Why is ETH continuously mined? According to the latest news from ethernodes, why can’t ETH be continuously mined under Ethereum’s PoW mechanism? According to data from eth.money, as of December 11, 2018, at 14:00, the total supply of Ethereum is 3.03 billion tokens. And ETH has grown more than 4 times in the past 24 hours, reaching around 289 million dollars.

So the question arises: why can’t ETH be mined indefinitely? The reasons are simple: 1) ETH does not have a fixed block reward; 2) After three months (possibly even longer), it will fork into multiple new blocks; 3) “Double spending” attacks occur frequently; 4) Network performance deteriorates over time; 5) Due to transaction delays, miners are unable to complete contract operations.

High inefficiency of ETH mining

The genesis block of the Ethereum 2.0 network was activated on August 5. After this hard fork, transactions on the Ethereum blockchain are written into contracts and broadcasted to the network, which means it has successfully processed over 1,000 validating transactions worth nearly 100 million dollars, as well as millions of ETH transactions pairs and balances in over 100 ETH addresses. Due to the lack of miners willing to spend more funds to maintain network operations, many nodes choose to leave, resulting in very high inefficiency.

It is reported that Ethereum 2.0 will be made more environmentally friendly through a series of proposed improvements (EIP). This includes a new proposal called “Enhancing Security” aimed at addressing the energy surge caused by the current PoW consensus algorithm. (Trustnodes)