Ethereum: Understanding When MtGox “Volume” Resets
The Ethereum blockchain is a decentralized platform that leverages a variety of cryptocurrencies and tokens. At its core, it relies on an exchange called MtGox (Mt. Gox), which was once the largest Bitcoin exchange in the world. However, in 2014, MtGox was shut down due to significant losses, including hacker funds. This led to the closure of many exchanges around the world.
To prevent similar problems in the future, the Ethereum team implemented a new consensus algorithm called Proof-of-Stake (PoS). One of the core elements of PoS is the concept of “block volume.” Block volume is the total amount of cryptocurrency traded within each block. In other words, it is the number of different cryptocurrencies in use.
The “volume” of Ethereum blocks is reset every 15 hours, with at least an hour between each reset. This means that the block volume for any given block is zero until approximately 2:45 GMT, and then increases again at 3:30 GMT. The exact time is determined by the current timestamp (in seconds), and the block volume is reset every minute.
However, this “reset” is not instantaneous; it is an ongoing process that allows trading to continue while waiting for the Ethereum network to mine new blocks. You can basically think of it as the waiting period between each potential block until a valid one is created.
Here are some key details about when the block volume resets:
- Every 15 hours (or approximately 2:45 GMT)
- Minimum 1 hour break
- The exact reset time depends on the current timestamp, but it is usually around 3:30 GMT.
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