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Here's When Ethereum Mining May End: Developers

Ethereum

u.today 30 April 2021 16:02, UTC
  
Reading time: ~2 m

Trenton van Epps, Ethereum (ETH) community coordinator, and Ethereum (ETH) developer Tim Beiko shared the estimated time frame for the "ending" of Ether mining.

End of 2021 looks conservative for developers

Mr. van Epps shared a screenshot of a conversation in the Ethereum Foundation's "Research and Development" Discord room. On April 28, Tim Beiko shared the estimations of the "breakeven date" for Ether mining.

Trenton van Epps: Ethereum mining ends in 2021

According to him, Ethereum (ETH) miners will break even with their operations by the end of 2021. Personally, Mr. Beiko treats this term as a "conservative" one.

At the same time, he stressed that this date is not "guaranteed" for an ETH1/ETH2 merge. He will update the forecast based on the "actual" progress of the Ethereum 2.0 rollout.

Trenton van Epps added that the implementation of EIP-1559 in July may result in "income reductions" for Ethereum (ETH) miners.

Ethereum 2.0 gains traction

As part of the London hardfork, EIP-1559 will introduce a dynamic fee structure and periodic burning of collected fees. This EIP increases the scarcity of Ether but damages the profitability of ETH mining.

Mr. van Epps added that Ethereum (ETH) miners should be interested in joining Ethereum 2.0 validating as potential stakers.

It should be noted that, in Ethereum 2.0, mining will be replaced by staking. Ethereum (ETH) enthusiasts have already locked more than four million Ethers into the ETH2 deposit contract.


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