Electroneum (ETN) is having another troublesome hurdle: its network barely moves, with blocks solved very slowly. This makes the coin practically stagnant, as the team is still preparing a way to react. The last 11 blocks are showing a time lag, sometimes coming hours apart. This slowdown in mining is due to a relatively low hashing power, and a difficulty that will not correct downward for at least 30 blocks.
The event is one of the most ominous for blockchains - some calling it “blockchain death spiral”. However, the slowdown should be temporary, as the Electroneum team has announced. The ETN digital asset has a relatively active community, mostly due to the popularity of simulated mining on mobile phones. However, there are those that lost patience with the low price of ETN, and the lack of high volume exchanges.
Some coins, such as Bitcoin Cash (BCH) have seen a similar problem with slow blocks, and moved to a faster mining algorithm. The Electroneum difficulty adjustment includes a waiting period, meaning slow blocks. But there are other troubles with the Electroneum network, which may have sprung from a recent planned update.
The Electroneum network is expected to mine empty blocks for a while, up to three days. Reddit users have discussed potential bugs in transaction handling that may mean the problem with Electroneum is deeper, and may not be resolved even after the difficulty adjusts downward.
The Electroneum project has been riddled with problems from the start, including the need to re-launch due to compromised user emails, as well as wallet, mining, and mobile mining troubles.
The ETN market price has been stagnant, mostly due to exchanges seeing troubles with their wallets. ETN barely trades, at $0.020, wiping out most of the gains since the last peak near $0.20.
For now, ETN is seen as undervalued, but extremely risky, having the features of a “dead coin”, with very low trading and network problems. However, ETN is still putting in marketing efforts, and actually has a high publicity profile.