On August 5th, at block height #12965000 (20:33 on August 5th, Beijing time), the highly anticipated Ethereum London upgrade was completed. The London upgrade involves many proposals, the most interesting of which is EIP-1559. The proposal introduces a destruction mechanism to make the cost on the chain more reasonable. Many people hope that the London upgrade can help Ethereum achieve deflation, thereby increasing the price of the currency.

After the introduction of EIP1559, there are two parts to the cost of user interaction on the chain, one is the basic fee (need to be destroyed), and the other is the tip paid to the miner (not destroyed). The basic fee is adjusted according to the dynamics of the network, and generally does not need to be adjusted by the user. The user adjusts the tip paid to the miner. When the network becomes more lively, the basic fee paid by users is higher, and the more it is destroyed.

The data shows that the current Ethereum has burned a total of 21,180 ETH, and the average burn value of a single block is 0.68 ETH. Since the current amount of ETH mined per block is about 2-3, the amount of additional issuance is more than the amount of destruction, which means that the current amount of destruction is not enough to deflate the ETH, which eases the inflation of Ethereum to a certain extent.

Stimulated by the London upgrade and the recent market rebound, ETH has gradually emerged from the market haze over the previous two months. The highest price in 24 hours reached $3198, an intraday increase of 7.26%% and a growth rate of 26.80% on the 7th, which is better than the cryptocurrency leader. BTC.

After the implementation of the 1559 upgrade, will the income of miners decrease? In the income of Ethereum miners, handling fees account for a relatively large proportion. However, due to the recent market rebound, the income of miners has actually risen. The impact of the upgrade on miners does not seem to be too large at present. As for the future, what impact the London upgrade will have on miners still needs to be observed.

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