Ethereum (ETH) on October 16, 2020

It’s been a pretty good week for Ether (ETH). Its price has started to rise again, and the hashrate of the network also continues to increase. Miners continue to dig as the implementation of EIP-1559, the angry topic, begins to be seriously considered. The price of ETH, meanwhile, is backed by a heavyweight that also backs Bitcoin (BTC).

Will EIP-1559 undermine the health of the ETH network?

According to the site 8BTC, the average gas costs on Ethereum have recently experienced a decrease in 36 Gwei, a drop of 93% from its last peak.

Data fromEtherscan show that the hashrate on the network ETH however, continues to increase; the average hash rate on Ethereum reached 265.919 Th / s on October 13, 2020.

The miners show enthusiasm as the question of the implementation of theEIP-1559 controversial is back on the mat again this week.

According to analysis based on data from Dune Analytics and published by the head of DTC, Spencer noon, theEIP-1559 would have allowed to burn 970 000 ETH worth $ 360 million this year, had it been implemented.

While the twitto Laur Science hopes for the soonest possible implementation of theEIP-1559 during the next hard fork, the developer of ConsenSys, Tim beiko, published last week, the results of a survey showing that 8 of 9 mining companies surveyed would reject the proposal if implemented.

It starts again for Ether !

On October 12, 2020, the award forEther jumped 8.15% and hit a monthly high of $ 387.75 on Binance. Bitcoin then crossed the $ 11,600 mark.

TheEther opened on October 9, 2020 at $ 350 and is trading at $ 368 as of this writing.

The period was therefore bullish for a ETH which benefits from the support of Grayscale. Its founder, Barry silbert, tweeted on October 15, 2020, where it indicates the Grayscale Ethereum Trust currently holds more than 2% of ETH in circulation.

Grayscale Ether ETH

Source : Image via Twitter


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Gas is decreasing on Ethereum, the network should ultimately not explode under pressure from DeFi which is going through difficult times. Will we be entitled to forcing the implementation of EIP-1559, even if transaction costs continue to decrease? More and more large US companies are betting on Bitcoin, will we see the same scenario for Ether? Will other companies follow Grayscale’s path? Many outstanding questions that deserve to be answered in the coming weeks.


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