Cryptocurrencies

Ethereum (ETH) is Stronger than Bitcoin (BTC), and that’s bad news – Cryptocurrencies

Ethereum (ETH) continues to have gas problems, but it smells pretty good for miners who are seeing their income increase. Ethereum 2.0 is not ready to come out of the lab of its developers, the 32 ETH club will have to wait a long time to do staking. With the umpteenth updates on the roadmap and the new testnets brought by Vitalik Buterin, it is not tomorrow that the miners will hang up their pickaxes.

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We pay better at ETH

According to the crypto data aggregator Messari, network transaction fees Ethereum were superior to those of Bitcoin for 2 consecutive months.

During the month of September 2020, the income of minors ETH are clearly on the rise with an amount valued at $ 166 million, while those of miners Bitcoin (BTC) are around $ 26 million.

Ethereum ETH high transaction fees Bitcoin BTC

This increase is linked to the development of DeFi : the underlying protocols of DeFi typically require the execution of multiple smart contracts, causing network congestion.

The average fee is currently around $ 2, well below the September 2020 highs of $ 14.

The discussions around the management of these costs until the next launch ofETH 2.0, scheduled for 2022, continue within the community.

EIP-1559: the angry subject among ETH miners

A developer of ConsenSys, Tim beiko, recently published the results of a survey of 25 teams working on theEIP-1559.

This proposal suggests the adoption of a fixed rate of remuneration including a small commission for minors on each block.

A portion of the fees would be burnt depending on the level of congestion when the block was created.

60% of respondents are in favor of integrating the EIP-1559, about 13% are against and 27% remain neutral.

The developers favor the predictability of transaction fees and the burn mechanism.

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8 companies mining out of 10, however, indicated that they would reject this proposal if it was introduced as a hard fork given its impact on their income.

Can gases blow up the current Ethereum deal and create multiple hard forks? Ethereum 2.0 is expected to be the messiah that will solve today’s problems, although hopes around the new version of the network are dwindling. If the miners decide to strike with the implementation of EIP-1559, the bill will be even higher than that of gas for Ethereum.

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