There are only few hours left before the long-awaited London hard fork on the ETHEREUM network, which includes EIP 1559. A very electrifying topic for the mining community. This is what will change for the ETHEREUM miner:
- First of all, you will still be able to mine Ether, any information that EIP 1559 = ETH 2.0 = PoS = end of POW is definitely premature.
- Hard fork London (EIP1559) will not require miners to upgrade their mining software. This aspect is obligatory for the wallet operators and mining pool operators. So there is a good chance that you will NOT EVEN notice that the EIP 1559 has become active because your mining rigs will simply continue to mine where you were mining before.
- Another often repeated myth: mining ETHER will cease to exist after the entry of EIP 1559. No, it will not. Since May, block values oscillate around the base values (2 eth per block), there is no technical possibility for it to decrease below this limit. Thus, drops in profitability by 50-60% are NOT POSSIBLE. 10-20% are the most frequently anticipated trading limits.
- Another important round of implementations at ETHEREUM will happen at the end of the year. Further directional decisions on development will follow. Until then, mining is safe. It is not possible for bad forces to silently shut down mining in, for example, August.
Author: Marcin Żywica from ŻET Technologies
Miner, founder of ŻET Technologies, a company designing and manufacturing advanced crytpo miners. ŻET Technologies provides computing power for blockchain networks, creates technology for 21st century business.