Ethereum miners are hoarding a record $70B in ETH following EIP-1559 activation
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....
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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 […]
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 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....
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....
A bullish technical analysis pattern and the potential approval of the EIP-1559 proposal could back MATIC’s attempt to rally to a new all-time high. Polygon prices look poised to rise by at least 30% in the wake of a key Jan. 18 upgrade that would push a considerable portion of its native MATIC token out of circulation.Dubbed EIP-1559, the improvement proposal originally came to light as part of Ethereum's so-called London Hard Fork upgrade on Aug. 5. The proposal effectively started destroying, or "burning," a part of the fees paid to miners via Ether (ETH).Traders and investors raised....