Just as the USD transaction fee for Ethereum in the chain hit the second-highest level in history this week at USD 47.3 million, miners raised the gas limit from 12,500,000 to 15,000,000.
The top Ethereum mining pool, Spark Pool, has announced an increase in the gas limit.
“We are increasing the gas limit to 15 million,” said the pool on Wednesday.
Spark Pool currently has the largest hash performance in the network with 22.4%, followed by Ethermine with 20.2% and F2Pool with 9.1%. Bitfly, the mining company behind Ethermine, also tweeted:
“After the efficiency improvements of the Berliner Gabel, we consider it safe to raise the Ethereum gas limit from 12,500,000 to 15,000,000. Another big milestone for the community. “
This is not the first time this has been done. Last summer, the miners raised the limit from 10 million to 12.5 million per block. This was the highest block gas limit the network has ever operated, but of course no longer.
Over the years the average gas limit has been steadily increasing, with a big jump recorded this week.
Source: block chair
While this move could increase the network’s transaction throughput, it doesn’t mean the Ethereum network would be cheaper.
In June, Spark Pool, Ethermine and F2Pool worked together to raise the total block gas limit. The block gas limit refers to the maximum of gas transaction fees that can be included in a single block, which basically means miners can process more transactions per block.
While these miners cannot directly change the blockchain’s code, at least not with proposals to improve Ethereum (EIPs), they can adjust the block gas limit by 0.1%.
As we reported, daily transactions in the second largest network have grown steadily and, according to Etherscan, reached another new ATH on Wednesday at 1,565,355.
While transactions may now be processed faster, gas charges are unlikely to change as we saw since last year. rather it has increased. The average USD transaction fee is currently $ 20. Expressed in ether it is 0.0074 ETH and the average price of gas is 128 Gwei.
Interestingly, the USD transaction fee for the Ethereum chain hit the second highest level in history this week at USD 47.3 million. Total fee income has exceeded $ 10 million per day since Feb. 1, with an ATH set at $ 49.8 million on Feb.23, according to Glassnode.
Basically, gas consumption is increased while gas costs remain the same.
However, Ethereum code developers like Peter Szilagyi were against this surge, arguing that larger blocks could increase the time it takes to sync a new node and make the network more vulnerable to DOS attacks.
“The miners of Ethereum don’t care about the long-term health of the network,” he had said at the time. Miners have raised the block gas limit six times in Ethereum’s history.
This time around, however, Szilagyi has no “immediate objections to raising the gas limit to 15 million (let’s not go crazy). I don’t agree or disagree, just that I don’t see an Insta threat myself. “
Ethereum / USD ETHUSD
2,871.3145$ 132.374.61%
- volume 29.92 b
- change $ 132.37
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- Circulate 115.69 m
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AnTy has been working full-time in the crypto room for over two years. Prior to her blockchain beginnings, she worked with the NGO Doctor Without Borders as a fundraiser and has since explored, read, and created for various industry segments.
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