EIP-1559 Scheduled for July | Bitcointalksearch.org

adaseb

legendary

Activity: 3808

Merit: 1723

Quote from: TheMimic1 on April 08, 2021, 10:06:14 PM

Quote from: bitquad on April 08, 2021, 08:31:56 PM

Quote from: tg88 on April 08, 2021, 07:54:08 PM

Quote from: bitquad on April 08, 2021, 07:24:38 PM

All these people moving their rigs to Ethermine has lowered my payouts on Ethermine. Thinking of switching to another pool. I have 1.4 Gh/s and the payout is very low right now. Thanks to all these miners increasing the hash rate on Ethermine.

Unfortunately the reason is not this, changing pools will not solve anything because what is causing the decrease in the rewards is the increase in the hashrate and a momentary reduction in the value of the fees.

Yes you are probably right. Did you notice the same reduction on your side? Which pool are you using?

Mining rewards on all available ETH pools are down right now, I guess we are in one of those days where ETH mining isn't that profitable, well tomorrow is another day

The fees are still pretty high in my opinion. Even though the mining rewards are a little lower the fees are high because the price is almost $2200. Basically even with 100 Gwei which seems to be the min fee these days to send a regular transaction ETH costs $4 and for ERC20 is over $12. This is still expensive.

I think the lowest i've seen the fees is 80 Gwei. So due to all these smart contracts the network will keep being conjested and we will have an average fee of 100 Gwei for the next few months. At least until the DeFI and NFT starts to calm down.

TheMimic1

member

Activity: 252

Merit: 13

Quote from: bitquad on April 08, 2021, 08:31:56 PM

Quote from: tg88 on April 08, 2021, 07:54:08 PM

Quote from: bitquad on April 08, 2021, 07:24:38 PM

All these people moving their rigs to Ethermine has lowered my payouts on Ethermine. Thinking of switching to another pool. I have 1.4 Gh/s and the payout is very low right now. Thanks to all these miners increasing the hash rate on Ethermine.

Unfortunately the reason is not this, changing pools will not solve anything because what is causing the decrease in the rewards is the increase in the hashrate and a momentary reduction in the value of the fees.

Yes you are probably right. Did you notice the same reduction on your side? Which pool are you using?

Mining rewards on all available ETH pools are down right now, I guess we are in one of those days where ETH mining isn't that profitable, well tomorrow is another day

bitquad

member

Activity: 148

Merit: 12

Quote from: tg88 on April 08, 2021, 07:54:08 PM

Quote from: bitquad on April 08, 2021, 07:24:38 PM

All these people moving their rigs to Ethermine has lowered my payouts on Ethermine. Thinking of switching to another pool. I have 1.4 Gh/s and the payout is very low right now. Thanks to all these miners increasing the hash rate on Ethermine.

Unfortunately the reason is not this, changing pools will not solve anything because what is causing the decrease in the rewards is the increase in the hashrate and a momentary reduction in the value of the fees.

Yes you are probably right. Did you notice the same reduction on your side? Which pool are you using?

tg88

legendary

Activity: 2492

Merit: 1429

Top-tier crypto casino and sportsbook

Quote from: bitquad on April 08, 2021, 07:24:38 PM

All these people moving their rigs to Ethermine has lowered my payouts on Ethermine. Thinking of switching to another pool. I have 1.4 Gh/s and the payout is very low right now. Thanks to all these miners increasing the hash rate on Ethermine.

Unfortunately the reason is not this, changing pools will not solve anything because what is causing the decrease in the rewards is the increase in the hashrate and a momentary reduction in the value of the fees.

bitquad

member

Activity: 148

Merit: 12

Quote from: booze on March 07, 2021, 03:46:37 AM

I still dont understand how EIP1559 will reduce gas fees, isnt it just burning gas fees? Instead of fees going to miners they are burnt instead, rather than actually being REDUCED for the user sending the transaction. my understanding EIP 1559 is more about making gas fees being more transparent up front and removing guess work?

Layer 2 solutions will lower fees. EIP1559 is meant to stabilize fees so they are predictable and to burn the fees so the supply of ETH is reduced.

Layer 2 combined with EIP1559 will make mining Ethereum a lot less profitable.

bitquad

member

Activity: 148

Merit: 12

Quote from: booze on March 07, 2021, 11:23:31 PM

Quote from: hellscreamer on March 07, 2021, 05:36:05 PM

anyone here moving their hashrate to support our miner gangs ?

https://twitter.com/RedPandaMining/status/1368625214674796550?s=20

For educational purposes, let's collectively move our hash to http://ethermine.org April 1st for 51 hours. @etherchain_org
@BitsBeTrippin
@SonOfATech
@maxvoltage
@SavageMine
@VoskCoin
@Nemisist2
@notyournormalm1
@BrandonCoin1
@GuntisVitolins
#eip1559 #stopeip1559 #Ethereum

Ive been using ethermine for a long time now, where were you before?

All these people moving their rigs to Ethermine has lowered my payouts on Ethermine. Thinking of switching to another pool. I have 1.4 Gh/s and the payout is very low right now. Thanks to all these miners increasing the hash rate on Ethermine.

bitquad

member

Activity: 148

Merit: 12

Quote from: btcshiner on March 05, 2021, 02:37:59 PM

Here's to hoping they can't deliver the devs the asics in time to prevent a split coin hardfork so they have to push this out a few months.

I got a feeling there's going to be some disappointed people when they find out this doesn't help gas fees as much as they thought and the price tanks on a buy the rumor sell the dip into a bear market.

It's not meant to lower gas fees. Layer 2 scaling solutions like Polygon and Optimism will do that because the transactions will be confirmed off the chain. Bitcoin will also have layer 2 solutions, for example the Lightning network.

The main benefit of EIP-1559 is the burning of ETH which will curb or even deflate the total supply.

percy_tc

full member

Activity: 585

Merit: 106

Quote from: TGJ on April 08, 2021, 10:25:28 AM

Is there any news on this? Is it still planned for July?

This is not planned, it is confirmed. It will happen.

TGJ

jr. member

Activity: 173

Merit: 5

Is there any news on this? Is it still planned for July?

booze

jr. member

Activity: 51

Merit: 1

Quote from: hellscreamer on March 07, 2021, 05:36:05 PM

anyone here moving their hashrate to support our miner gangs ?

https://twitter.com/RedPandaMining/status/1368625214674796550?s=20

For educational purposes, let's collectively move our hash to http://ethermine.org April 1st for 51 hours. @etherchain_org
@BitsBeTrippin
@SonOfATech
@maxvoltage
@SavageMine
@VoskCoin
@Nemisist2
@notyournormalm1
@BrandonCoin1
@GuntisVitolins
#eip1559 #stopeip1559 #Ethereum

Ive been using ethermine for a long time now, where were you before?

Sledge0001

full member

Activity: 633

Merit: 159

Quote from: hellscreamer on March 07, 2021, 05:36:05 PM

anyone here moving their hashrate to support our miner gangs ?

https://twitter.com/RedPandaMining/status/1368625214674796550?s=20

For educational purposes, let's collectively move our hash to http://ethermine.org April 1st for 51 hours. @etherchain_org
@BitsBeTrippin
@SonOfATech
@maxvoltage
@SavageMine
@VoskCoin
@Nemisist2
@notyournormalm1
@BrandonCoin1
@GuntisVitolins
#eip1559 #stopeip1559 #Ethereum

I'm there anyway with 8 X 3090's as of today.... Add me!!

hellscreamer

jr. member

Activity: 47

Merit: 2

anyone here moving their hashrate to support our miner gangs ?

https://twitter.com/RedPandaMining/status/1368625214674796550?s=20

For educational purposes, let's collectively move our hash to http://ethermine.org April 1st for 51 hours. @etherchain_org
@BitsBeTrippin
@SonOfATech
@maxvoltage
@SavageMine
@VoskCoin
@Nemisist2
@notyournormalm1
@BrandonCoin1
@GuntisVitolins
#eip1559 #stopeip1559 #Ethereum

booze

jr. member

Activity: 51

Merit: 1

I still dont understand how EIP1559 will reduce gas fees, isnt it just burning gas fees? Instead of fees going to miners they are burnt instead, rather than actually being REDUCED for the user sending the transaction. my understanding EIP 1559 is more about making gas fees being more transparent up front and removing guess work?

rikuu

jr. member

Activity: 102

Merit: 2

Well, if those were the options... the results doesn't mean what they say.

Angelbcoin

member

Activity: 139

Merit: 51

Quote from: maXonja on March 06, 2021, 02:53:51 AM

I'm also a home miner and I don't like and support EIP 1559 but do we have a choice? The reason they are just delaying difficulty bomb and not removing it every time it kicks in is that miners/pools don't have a choice but to support what they do with ETH

Yes, and it sounds giust just like extortion... So much for decentralisation...

maXonja

newbie

Activity: 77

Merit: 0

Ok, and if fork happens how would you delay a difficulty bomb on the chain that didn't implement EIP 1559?
One of the changes in London upgrade is also a delay of difficulty bomb which is a much bigger problem then burning the gas fees because when it kicks in in just a 2-3 months block time would grow too much. We had those situations 2 times already if i'm not wrong

I'm also a home miner and I don't like and support EIP 1559 but do we have a choice? The reason they are just delaying difficulty bomb and not removing it every time it kicks in is that miners/pools don't have a choice but to support what they do with ETH

Ceyflix-Rez

member

Activity: 420

Merit: 13

$CYBERCASH METAVERSE

Quote from: btcshiner on March 05, 2021, 02:37:59 PM

Here's to hoping they can't deliver the devs the asics in time to prevent a split coin hardfork so they have to push this out a few months.

I got a feeling there's going to be some disappointed people when they find out this doesn't help gas fees as much as they thought and the price tanks on a buy the rumor sell the dip into a bear market.

That could affect ethereum performance in future and maybe force projects to start leaving the blockchain for another now that we have better ETH contestants, won't that make ethereum lose its second position on coinmarketcap? This is worrisome

btcshiner

full member

Activity: 478

Merit: 125

Quote from: Ardvark69 on March 05, 2021, 03:03:19 PM

https://www.crypto-news-flash.com/majority-of-ethereum-miners-support-eip-1559-while-chinese-miners-discuss-a-fork/

PS: Wasn't our survey.

That article is extremely misleading and misrepresent's the poll.

Miners did not vote in full favor of eip-1559. In fact they voted in favor of kicking off the asic's with eip-969.

There would have been an entirely different result if it was reject eip-1559 or accept eip1559.

Ardvark69

newbie

Activity: 50

Merit: 0

https://www.crypto-news-flash.com/majority-of-ethereum-miners-support-eip-1559-while-chinese-miners-discuss-a-fork/

PS: Wasn't our survey.

percy_tc

full member

Activity: 585

Merit: 106

In a long run deflation will aid ETH. Be it, burn those fees.

Topic: EIP-1559 Scheduled for July (Read 733 times)