Exactly on August 5, 2021, EIP 1559 was activated. It took 111 days to burn the millionth ETHER.

Below are some interesting facts related to the burning of Ethereum:

Total value of ETHERS burned: $ 3,827,057,069

 If EIP 1559 had not come into force – this amount would go to miners.

 Highest Daily Burnout: 16,852 ETHERS.

 There are often days where the burn-up rate is higher than the new ETHER emissions.

 If the emmision is lower than the number of destroyed coins, it means that ETHEREUM is a strictly deflationary currency on that day, its total number of coins in circulation LOWERS.

If on a given day the average Gas price is on the level of 120 Gwei, such a day in practice means that it is a deflationary day.

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.

The post ETHEREUM Jubilee first appeared on ŻET Technologies.

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.

The post EIP 1559 – overview first appeared on ŻET Technologies.