Skip to main content may receive compensation from affiliate partners for some links on the site. Read our full Disclosure here.

Looks Like There Is Going To Be Less ETH Very Soon


EIP-1559 is almost here, and a lot of people are talking about it.

The London Hard fork will be live sometime around August 4th, according to sources. This will burn some ETH with every transaction, making less ETH available.

ETH will now have a deflationary mechanism at work to counter some of the inflationary pressure it faces currently, but deflationary mechanisms like this can lead to excessive hoarding of any currency.

Could this be a great summer for ETH? This is what supporters of ETH are saying:

Decrypt framed this latest development nicely:

The next update to the Ethereum blockchain, which calls for changing how ETH is paid out to miners, is likely to come on August 4 with block 12,965,000—not mid-July as earlier suggested.

That block number was officially proposed today on Github by developer Tim Beiko, the Ethereum Foundation’s point person on network upgrades. If various Ethereum client teams—the groups who code the various software onramps to the blockchain—agree to the proposal, that target will become official.

The date gives the multiple test networks enough time to finish completing the integration and, hopefully, ensuring there are no problems with the code. An error with the previous hard fork, in April, led to about 12% of computers on the blockchain temporarily being unable to sync to the network.

Coin Desk had more details:

The protocol update includes five Ethereum Improvement Proposals (EIPs), most notably EIP 1559 and EIP 3554, that aim to counter various inefficiencies:

EIP 1559 introduces a new fee structure to make Ethereum less inflationary. This protocol change is highly controversial because it aims to burn part of fees hence decreasing miner revenue.

EIP 3554 delays Ethereum’s difficulty bomb to Dec. 1. This mechanism will incrementally increase the difficulty of mining on the Ethereum network, effectively “freezing” proof of work in preparation for Ethereum’s move to proof of stake.

Want more? To stay up to date on all our news, please follow us on Facebook here:


Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

We Love Crypto
Thanks for sharing!
Send this to a friend