The London hard fork has finally happened: miners’ rewards are about to decrease
Industry News
The Ethereum blockchain entered a new phase, as the London hard fork had taken place on block No 12 965 000. Once the update was implemented, network members burned 400 ETH, while the average gas price almost doubled, reaching 85 Gwei.
While the community had been waiting for the London update, the Ether price jumped from $1739 to $2744 (57.8% growth) within 15 days.
According to Compass experts, the London hard fork is about to decrease miners’ rewards by 20-30%; this said transaction fees are expected to drop down as well. These important updates create fertile ground for the ETH price to further growth and crypto experts predict the opportunity for Ethereum to overrun Bitcoin.
Aside from the EIP-1559 update with transaction fees reduction, there are five more improvements activated within the hard fork:
- EIP-3554: the improvement aims to delay the ‘difficulty bomb’ till December 2021.
- EIP-3541: such an update forbids the deployment of smart contracts beginning with the 0xEF bite.
- EIP-3529: the update reduces gas compensation, affecting the decrease of miners’ rewards.
- EIP-3198: the improvement that enables EVMs to access the basic fee of blocks.
At the moment of the London hard fork, 78% of nodes were compatible with updates; this is why users need to choose other clients if their bases don’t support the improvements. Update your client to the latest version.
Since the London station has been passed by, the Ethereum train is moving forward. Shanghai is the next stop.
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