The upcoming release of Ethereum Enhancement Protocol (EIP) -3554 is intended to make the proof-of-work mining method obsolete. It is set up to drop a difficulty bomb to achieve this goal.
This will make ETH mining almost impossible and will force miners to upgrade their systems. However, the real question is: Should people really care? Considering the aftermath of the EIP-1559 launch, the answer might come as a surprise.
Ethereum gas tariff burning debate
In the last 24 hours, the total value of ETH approached 1 billion dollars. In fact, at press time, it was below $ 20 million, a level that it will definitely hit by the end of the day, as daily burn averages around $ 24 million.
Now, it is clear that the concern about EIP-1559 affecting miners is no longer a topic of discussion. Since the rate restructuring on August 4, mining revenues have grown exponentially, with the same increase at 134%.
However, despite the burning of fees, transactions on the network only managed to push the miners’ revenue to a high of $ 106.51 million on September 10. The figures were just $ 24 million below his ATH in May.
Surprisingly, at press time, transaction fees accounted for nearly 80% of total mining revenue.
How is that?
This has been the case primarily due to consistent transactions across the chain, which have been stable above the 1.1 million mark for more than 3 months. They have remained unfazed by both the rally and the crash.
In fact, yesterday, due to increased transactions and growing number of miners, the hash rate hit an all-time high of 715k GH / s. Similar consistency to transaction counts can be seen in daily gas usage as well.
Gas used has exceeded 100 billion Gwei since August, peaking at 101,115 million on September 5.
The largest contributor to this substantial gas consumption has been OpenSea. The main consumer used gas worth 36.35 thousand during the last month. The rise in the NFT trend and its associated hype led to this.
In fact, NFTs worth $ 1.5 billion have already been sold this month. $ 3.4 billion were sold during the previous month.
Given that the fears and apprehensions regarding EIP-1559 have been shown to be incorrect, it would be fair to not make assumptions about EIP-3554 either. Any further evaluation of it will have to wait until December and another month after its implementation.
This is a machine translation of our English version.