In another 26 days, EIP1559, which Ethereum miners around the world are paying attention to, will come into effect.
This week, the upgraded code has been deployed to the final test network, and the much-anticipated London hard fork of the Ethereum mainnet is getting closer and closer, which will be released on the 4th of next month.
Ethereum developer Tim Beiko confirmed on Twitter yesterday that the code has now been successfully deployed to the three testnets: "We are live....Three testnets have successfully undergone the London upgrade. NOTE: Since OpenEthereum will be upgrading in London It will be deprecated later, the last block of Kovan has not been set yet, and it will be upgraded after the mainnet.”
The Ethereum mainnet upgrade will take place at block 12965000, which is expected to be on the 4th of next month. The first block was generated on the Ropsten testnet on June 24, the Goerli testnet deployed a hard fork on June 30, and the Rinkeby testnet will be the final testing stage before the mainnet goes live.
The London upgrade is named after the 2nd Ethereum Developers Conference in 2015. After this upgrade, EIP1559 will bring ETH into a deflationary state by adjusting the current network fee auction mechanism. EIP will introduce a "base fee" instead of using a first-price auction mechanism as it does now. According to ethereum software solutions company ConsenSys, in theory, the more transactions that occur, the more deflationary pressure the drain on base fees puts on the overall ethereum supply.
However, EIP-1559 will not necessarily lower gas fees, as many have predicted. ConsenSys confirmed this in the upgrade guide proposed last month, but they still believe that the gas fee may be slightly reduced after the upgrade: "The basic fee mechanism is likely to have side effects. If we assume that the fee is predictable, then this means that users Will not frequently overpay for Gas, so EIP-1559 may cause Gas prices to drop somewhat."
However, there is no doubt that the income of Ethereum miners will be reduced by then, and over time, the transaction fees burned will also have an impact on the supply of Ethereum. According to data from the watchtheburn website, more than 89,000 ETHs have been burned on the testnet so far, and the estimated value at current prices is about 185 million U.S. dollars. How will mining affect the crypto market? Waiting for August to come.
Although it is too early to announce the end of the Ethereum mining industry, many miners have already begun to prepare for the opening of the Ethereum PoS era in view of the current regulation and market conditions. For example, you can turn to ETC mining at that time, and the forked token of the same project is the best choice; some miners have also begun to turn their attention from BTC and ETH to other projects, such as the distributed storage leader Filecoin’s entire network computing power since May. rise. How will mining affect the crypto market? Waiting for August to come.
