Miners' unloved Ethereum upgrade, EIP-1559, which burns a portion of transaction fees, will be part of the upcoming London hardfork in July, according to Anthony Sassano, the Co-Founder of EthHub.
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The EIP-1559 update was first proposed by Vitalik Buterin back in 2019. The main idea of the update is that the size of gas fee will now be automatically adjusted based on the network congestion so that cryptocurrency miners will only get a small share, while everything else will be irrevocably burned. All this will lead to a significant decrease in the profitability of mining.
The third largest Ethereum pool, F2Pool, has already supported the proposal, however, not there is no consensus on the market. For example, the largest Ethereum mining pool, Sparkpool, is against the proposal. Bitfly, the operator of the second largest pool dubbed Ethermine, is also against the EIP-1559 update. Bitfly believes that with the update Ethereum's future "may be at risk."
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