Ethereum London hard fork now live

Ethereum is the second-largest cryptocurrency with a high market cap did make a high spike in price following its London fork upgrade we saw the price from $2444-$2800 this is a blast and in anticipation more new price all-time high will be seen as more institution are adopting the smart chain blockchain.

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The London hard fork was executed at block 12965000 in the ethereum blockchain

EIP-1559 is the most notable change integrated into the hard fork there were speculation that the EIP-1559 will lower the block transactions fee which isn't accurate speculation, what it does is to make users estimate how much will be used for each transaction they will be processing it will help users to precisely know what they will be paying miners to process their transaction instead of paying gas fee blindly.

Generally, the EIP-1559 will lower transaction fees by making users precisely estimate what they will be paying miners before processing any transaction.

Tim Beiko, a developer with the Ethereum Foundation, also said during The Decrypt Daily podcast that the cost won’t be a “20x reduction,” but rather a “20% reduction.”
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The EIP-1559 brought about what is known as ultrasound-money

You can use the link above to explore the website what this does is the large number of transaction fees users pay to miners to process transactions will no longer be rewarded to miners instead it will be burned and remove from circulation.

Ultra-sound integration is a game-changer for the ethereum blockchain the more token are burned the lower we see it circulation supply which will increase the price value and also increase users demand it's a simple analogy this means ethereum will be experiencing an increase in price as circulation supply is reduced.

Final thought

The hard fork upgrade could make ethereum mining irrelevant as miners' reward is cut down to minimal.
Also with the upgrade transaction fee circulation will be less volatile as users can estimate what they will be paying, burnt fee for making transactions will also reduce circulation supply and increase demand.

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