Will the income of ETH miners collapse? The London hard fork is coming! | Author: Titus | The Capital | June 2021

The upgrade of Ethereum to the London hard fork will include EIP-1559, which will reduce the number of ETH miners received. Is this a curse or a blessing for Ethereum miners?

London hard fork, planned upgrade Ethereum, Will be checked and installed on the test network first.

Tim Beiko of the Ethereum Foundation announced today that the London hard fork will be launched on the testnet Ropsten around June 24, followed by Goerli on June 30 and Rinkeby on July 7.

Once the upgrade is successfully activated on these networks, a block will be set up for Ethereum Mainnet. That should be in July.

The London upgrade will implement five separate Ethereum Improvement Proposals (EIP).These are changes to the blockchain code and must be widely accepted by community members to be accepted adoption.

The most controversial change is EIP-1559, which was originally created by Ethereum Creator Vitalik Butlin.It changes the way network fees work, and how the miners, the people who run the software that processes all transactions and shape the new ETH reward.

Currently, whenever someone makes a transaction or with Smart contract On Ethereum, they have to set fees, which is more or less a guessing game.In order to pass the transaction quickly, you can set a high fee, which almost ensures that the miner puts it in Blockage.

If the fee is set too low, the transaction may wait until miners are less busy processing high-paying transactions.Speed ​​is important in certain situations, including when trading on Ethereum-based decentralized exchanges, such as Uniswap, The price of tokens may fluctuate Quickly. Traders will lose money if they wait.This has often caused criticism from the community recently month.

To solve this problem, EIP-1559 doubled the capacity Piece.

This means that in most cases the block will have an additional 100% capacity to fill transactionTherefore, as long as the transaction is sent at a fee higher than the basic fee and includes a tip to the miner, it will be included in the next few Piece.

The increased transparency is touted as an improvement in the user experience.However, some miners claimed that this experience. Under EIP-1559, this basic fee is burned instead of going minerThe idea is to switch to ETH, which has no supply restrictions, for example Bitcoin, Become a deflationary asset, or at least create deflation pressure.

In theory, the reduction of ETH in circulation should be beneficial to miners because it can increase the demand for Bitcoin and the transaction price. Ethereum, When they create a new miner, they will still receive as a reward Blockage.

Starfire ManEthereum’s largest mining pool does not believe in and publicly opposes this change. In February, he wrote:

EIP 1559 Burning transaction fee is redistributed wealth, From miner to holder.This is why so many people support it. But this is a majority dictatorship in the name of a better user experience.it is robbery.

As long as London is only on the test network, it is just an experimental robbery.But the upgrade is almost the same There.

This upgrade may cause Ethereum miner Income fell by up to 50%, which used to be try The miners’ uprising, as it is now said.However, the situation seems to have calmed down from the first time reaction.

This upgrade It has been awaited for a long time, and many people are still very excited about it.So much so that it is considered to be one of the biggest bullish catalysts for Ethereum Come.

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