Ethereum Miners Revolt Over EIP 1559, How Will ETH Price React?
In a show of force against the implementation of Ethereum Improvement Proposal (EIP) 1559, on April 1, Ethereum miners plan to direct their hashing power to the Ethermine mining pool, which opposes the proposal. The coordinated action will last 51 hours, signifying their intent to harness more than 51% of the network’s hash rate. During […]
Related News
In protest of the upcoming implementation of EIP-1559, some Ethereum miners are organizing to redirect hash power to a 1559-opposed pool for 51 hours. Some Ethereum miners are trying to drum up support for a demonstration of force to show their opposition to the impending implementation of EIP-1559.Amid the backdrop of ever-escalating Ethereum fees, the Ethereum Improvement Proposal seeks to replace the network’s existing bidding-based fee market with a fixed price and burn mechanism. However, EIP-1559 — which is scheduled to go live in July, will significantly impact the revenue of....
The Ethereum block producers accumulated $6.1 billion worth of ETH tokens after the Aug. 5 network upgrade. An on-chain study released by Kraken Intelligence highlighted strong accumulation behavior among Ethereum miners even as they faced the prospects of generating lower revenue following a major network upgrade on Aug. 5, 2021.Ethereum miners accumulated an additional 2 million Ether (ETH) worth $6.1 billion after the so-called London Hard Fork's activation. The latest bout of accumulation caused miners' net Ether holdings to hit an all-time high of 22.3 million ETH (worth nearly $70....
The long awaited EIP-1559 would have seen almost 1 million ETH burnt in the last 365 days if it had been implemented, but miners are yet to get on board. The controversial Ethereum Improvement Proposal (EIP) 1559 would have burnt 970,000 Ether (ETH) — with a total value of $360 million — in the last year, if it had been implemented. EIP-1559 seeks to reduce transaction fees by introducing flat fees alongside a burn mechanism,The findings, based on Dune Analytics data and published by the Head of DTC Capital Spencer Noon, have raised questions among some in the wider Ethereum community as....
Ethereum had maintained an impressive run of over $3,000 since this month began. Hitting this price target was a milestone for the coin. Given it had come after EIP-1559 had gone live. Bulls had taken control of the price for as long as possible. Holding it above $3,000 as EIP-1559 burned away a portion of […]
Approximately 205 days ago, the Ethereum network upgraded via the London hard fork which implemented the packaged Ethereum Improvement Proposal (EIP) 1559. Since then, the EIP-1559 upgrade made it so a fraction of gas is destroyed during the transaction process and to date, 1,915,220 ether has been burned worth over $6.9 billion using today’s exchange rates. Ethereum Burn Rate Inches Closer to 2 Million Burned, 3.57 Ether Is Burned Every Minute The Ethereum (ETH) network has burned approximately 1,915,220 ethereum and the metric is nearing the two million mark. Since the EIP-1559....