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Article • Sep 1, 2021

The London Hard Fork and Its Implications for Ethereum's Mining Community

Orchid
The London Hard Fork and Its Implications for Ethereum's Mining Community
Summary
  • The London hard fork introduces EIP-1559, which adds a deflationary mechanism to Ethereum's fee structure through a burn mechanism, potentially decreasing mining revenue by 20-35%.
  • EIP-1559 also implements changes to Ethereum's transaction fee structure, making them more predictable and preventing spikes in fees caused by auction mechanisms.
  • EIP-3554, included in the London hard fork, gradually increases mining difficulty on Ethereum, discouraging mining activity as the network transitions to Ethereum 2.0's Proof-of-Stake model.

Source: https://blog.orchid.com/what-the-london-hard-fork-means-for-ethereum-and-orchid/

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