EIP-1559... A Miners' Perspective
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- Опубликовано: 30 июл 2024
- In this video, I talk about EIP-1559. The timeline, the drama, the fun. I also discuss my course of action to when the EIP-1559 will be applied.
⌚ Timestamps:
00:00 - Intro
00:33 - Overview
01:27 - What It Means For Ethereum Users
02:40 - What It Means For Miners
04:25 - Base Fees & Inclusion Fees
05:53 - Miner Extracted Value (MEV)
06:50 - Expected Profit Loss For Miners
08:10 - Timeline of EIP-1559
14:44 - Addressing The Drama
18:10 - What Will I Be Doing?
18:40 - Outro
🔗 Timeline:
• BBT Mining Community Call 1: • EIP-1559 Miner call - ...
• Cat Herders Community Call: • Ethereum 1559 communit...
• BBT Mining Community Call 2: • EIP 1559 Community Pos...
• BBT MEV Call With Micah: • Ethereum MEV Miner Ext...
• Ethereum Core Devs Meeting (EIP discussion starts at 56:14): • Ethereum Core Devs Mee...
• BBT ETH 2.0 Timeline and EIP-1559: • Lets talk ETH 2.0 time...
• The Finale: Ethereum Core Devs Meeting 2: • Ethereum Core Devs Mee...
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You are the only one that speak a language newbies (me 😅) understand. Thank you 🙏🏼
We speak the same language. ;)
@@MiningChamber it only means you natural at explaining/teaching things lol
I follow both mining chamber and son of tech because they are soo newbie friendly
@@MiningChamber I think he spekas arabic, but ok... joke!
😂😂 yes that too
Great video, as always... a big thak you from Portugal for your work to the comunity
Another good and easy to understand video that doesn't go on for longer than needed. I personally think this is why your channel is doing so well, keep up the great work and thank you
Thank you!!
R u mining bitcoin
through machine
nice review of the 1559 situation as well as the Dev Call. Keep up the good work ;)
Hey ;) thank you!
Very clear and educational video, especially the style of timeline based explanation. Thank you!
Thank you very much, glad you liked it!
Great video! In my humble opinion this is your best one ever. Outstanding! I'm not one to leave praise comments but this time I can't help it. Thank you!!
I am honored, thank you very much for the nice comment!
Great video man! A+ Thank you Mining Chamber :)
Thank you brother!
This channel is awesome! Thanks so much for your work! 👍🏻
It is a pleasure!
Subscribed , thank you for the contents keep it up, very useful for newbies as well (like me)
Thank you and congrats for the great and informative video! I've been following son of a tech, red panda, bbt and this was the most understandable video about eip1559 :)
Glad it helped!!
Amazing video
Thanks for taking the time to explain all that is happening to us
Excellent content as always, thank you for your research.
My pleasee!
I'm very new to mining and your channel has helped me feel ready to start! I will be purchasing my rig components this week :) Going to be watching your channel closely!
Please don't message that bot, it's a scam!! Impostors 😢 and thank you I am glad I helped!
No worries, i did not 😊 Sucks there are bots pretending to be you... The sentence didn't make much sense anyway 😂
@@callsignchief7960 great hahaha glad you didn't !
Thnx for the video...missed you❤️
Much love 💙💙
this is video was so valuable, thank you so much!
I really like your videos. Favorite crypto channel. Great job @Mining Chamber!
Thank you !!
Really good job, as always 👏
Thank you!
Awesome video broke it down very well 😌
Good explanation love your vids!
Thank you!
Good shit bro keep it up !!!! Quality vids
Thank you brother! Please ignore the imposter 😩
very good content , very easy to understand .... Thanks mining chamber.
My pleasure!
Probably you are the best mining youtube channel!
💙💙
always like the way u explain everything, nice content !
I appreciate that!
@@miningchamber7318 i send u massage :D
Nooo that's a spammer please don't message!! I will never ask anyone to text me. Careful of impostors!!
@@MiningChamber ah ok thanks to let me know
Excellent video as usual
Huge thanks for making this great video
My pleasure!
Great video summarizing all the craziness. I’m not stopping either!!! I am even buying AMD cards still because I am crazy 😂
Haha you crazy ! And thank you!!
My pleasure :) You are truly amazing 😉
Same 😂 I can’t stop buying Vega 56s!
😂😂 love you all
Great explanation thanks!
Thanks for the info and video.
Love the content. Keep up the good work!
Interesting point there about wanting to buy more GPUs.. most of the other mining channels are saying don’t though I tend to agree with you. Keep increasing your hash rate so when the big drop in eth profits is in effect then you can switch coins and maintain relatively the same previous profits 🤓
Not a financial advice! I'm just addicted 😅😂
@@MiningChamber point taken... there are much worse addictions out there. If GPU mining/procurement is your vice then you’re doing just fine 😜
Thanks for summarizing all the important stuff!
Was on the fences about continuing mining crypto or switching over to crypto farming completely. After watching this video, I feel more confident to continue buying more GPUs (and farming the mined crypto).
Glad it was helpful! I am an addict to gpus so dont take any advices from me xD il mine even in negative
Excellent video, keep up the great work. Almost at 50k subs, Nice
Thank you!
Great video thank you!
Welcome back guys
💙💙 thank you brother
Let's hope for Intel to sweep the board! I might go buy shares in Intel actually. Hmm 🤔
Best channel for mining really recommended for newbies
Thank you 💙
Very informative!!!!👍👍
Thank you sir!
Keep us updated
Thank you from Italy
Nice video. I wanted to know what is your plan for mining after Ethereum completely moves to ETH 2.0
I will be out as soon as it goes POS, this is not a safe and it will centralise Ethereum. It will not help fees, only bigger companies. Great Video :)
Cool video ! Thank you. Can you help me to get your idea about the difference between amd cards and pure GPUs. You told in last minute of the video.
Your chanel and son of a tech is very helpful🙂
Thank you
best explanation ever !
Saw you in the dev call!
Hey there! ;)
Thank you!
Regards Typhoon.
My pleasure!
looked through all your vids and i cant seem to find what you use so i was wondering what miner do you use to mine with and what pools? and what would you recommend for like 100mhs?
But dont get me wrong i like all your vids and they are really good
An overclocked 3080 has a hash rate of around 98-101 while a 3090 goes all the way up to a hash rate of 125 overclocked of course..
grazie from Italy.. i have 675 mh/s thanks to you eheheh.... great videos
thanks for the financial advice!
Noo stop 😂
i appreciate how u assume best intent
💙💙
The draw could be for a sweatshirt from your store! XD. I live outside of America and shipping to my country is as expensive as a Mining Motherboard.
Haha it will probably be part of it ;)
I'm all for 1559 if it advances eth and secures the future for ethereum. But at the same time it's sad that the devs are just ignoring the people who made them successful in the first place (miners)
my theory keep miner happy or china will ban eth. like CCP ban btc 208 times but people still use so china: we need more miners and dams
Subscribed
What is your opininon?
Still worth to invest in gpus and stary minig as a person who has no mining stuffs yet?
Thank you for your answer❤️
gpu's are worth buying, they will grow in price, its like a hardware crypto hehehe
Hey im extremely new to this and wanted to get started in eth mining. My question is when eth goes to proof of work ( i hope i said it correctly. The one where u cant mind anymore) what happens to ur rigs then ? Can you change your setup ur rigs to mine something else or are the rigs gone to waste
They can never go to waste. There are always other coins to mine and if nothing else is profitable we can sell our GPU's for insane prices online right now. We can't possibly lose in this situation. I put my mining system together for £2000 with 220mH/s, this is for EVERYTHING. I could easily resell my GPU's for £3300 and keep hold of my motherboard and cpu and risers etc for a future build.
for next 3years, is it better to choose one rx6800XT with 62mhs or two rx590 with 31mhs each? the 590s would be a bit cheaper, but I'm not sure which one is a wiser choise and why?
Definitely get newer hardware always. The rx590s already have years of ware and abuse from mining - the chance of them surviving another 3 years is next to nothing
if I want to start mining, and if eth mining is gone in the next months, what's the next long term coin to mine? what signs should I try to analise in finding one?
No1 knows
i love your animated mountain desktop wallpaper! what software is it??
Thank you! It's wallpaper engine I think from Steam!
@@MiningChamber thx man. i give it a try! keep up the good work!
So what would happen to the ETH network if GPU miners got squeezed out? Would ASICs simply take over?
What are your thoughts on a person trying to use their laptop in combination with 1-2 External GPU's connected as a way of mining crypto casually?
It's a good idea! Making a video on exactly that ;)
How much does it cost to host a full Ethereum node that has history to the genesis block not hosted on the cloud. Also, will this change once Ethereum goes from PoW To PoS?
What are your thoughts on eth 2.0?
Can you go over profitability of mining when times aren’t good per say? Cuz rn I can make profit on a R9 390 but Ik that if times weren’t as good I would be burnin money. So is this something that is profitable all year round?
That's a good idea! I'll write that down ✍️🔥
Awesome and very informative thnx a lot, is it possible to mine with 1 or 2 rtx3080's?
Yes but you need to watch out for temp
@@droidkid8684 awesome thnx for replying. have only 2 of them, cant find more they are scarce atm hehehe
Man what was that intro music, that is very cool. MusicNamePlease?
ruclips.net/video/Qca5ilu0Fqw/видео.html 😉
Are you planning on doing a minerstat guide?
Eventually but not soon :(
I'm all for profits, but if miners make the transaction cost to expensive and slow on ETH, the masses will move away from ETH and go somewhere that's cheaper and faster. That's just the way the free market works. People may greed themselves out of a job. Just take a look at the rise of some ALT coins that are taking volume from ETH now. ETH has the advantage (for now) because they are the biggest. But, Nokia was the biggest cell phone maker in the world, until something better came along. The price of ETH has gone up, so that should help.
OK I'm new in the mining. Like 1 month, but the nurfing of nvidia cards is making amd more desirable. Can someone explain me why should I buy rtx 3070 when the hashrate it's going to be reduced.
Last I heard, Nvidia promised they wouldn't nerf the hash rate on 3070's, it was only 3060's (and I think that may have even been canceled now?).
Raven coin to the moon!
Not before I get more please! 😅
@@strawmanlogic4089 lol
Bro plzz make a video on a cheap gpu which is affordable which gives normal hash rate
Thoughts please. Will EIB 1559 increase or decrease the value of Ethereum?
No one really knows, market moves as it wishes
I dont get it, cant we just mine another coin? There is plenty of options no? I`m new in this so if i`m wrong help me
Its just not as profitable!
Not as much profit, and if many other people switch, it increases difficulty of those coins and decreases profits even more.
@@Iridescence may also increase value of the coin as it will mean higher demand.
yo! thanks for the content! hope you can make 3060oc guide soon, thanks!
Man I love your content. I am with you will be buying more GPU's (If I can find any in Toronto ~.~ , I feel like some profitable project will happen in the future and will require a lot of hashing power, Happened once and could happen again
🙏🏼🙏🏼 best of luck my friend and thank you!
Worth to hse phoenixminer nowadays?
Can you make an update video about the softwares
Yes it is good! Il make a video on that soon
Litterally the best guy out there!
Love your videos, they are helping me a lot about the whol crypto and stuffs!
Keep up the good work
Big support from Hungary!!!
Thank you very much! You all are the best community 💙
Honestly people are thinking short term. Mining will be more profitable once more people use it.
Lower fees but more transactions. I'm late on the game but still going to keep mining.
I will always be mining too for sure but the future that's coming will definitely reduce mining profits
does it mean mining will not be worth it anymore when it drops down so hard or is it still profitable to mine other coins???
It won't be as profitable
@@MiningChamber could you tell me if it's kinda worth it with 4 (i habe 3 right now and im about to get another one) rtx 3060 (no TI)?
Can you please explain a bit more on why AMD cards nor so great with other algros?
It has to do with the core of the gpus. NVIDIA GPUs have better/more cores than AMD so it gives them an advantage there
@@MiningChamber I’m currently having a lot of RX 580s and Vega 56/64 cards, if I jump to Nvidia cards, it will increase about 30% on the per MHS number, should I still be thinking about switching or should I just stick to AMDs?
what nvidia cards are good for mining??i want to buy the cheapest and can profit about $2.50.
Check the description I have a list of GPUs in order
thank you@@MiningChamber 👍🏼👍🏼👍🏼
I just build a rig with 300 mhash , should I sell it now 🤔
Imo sell in June
Love that intro song I don’t even care about eip1559 now. Where my XXXTTCN coin??
Hahahah my favorite comment hands down
I was trying to get into minning but everything is so over inflated 🥴. If I just buy a whole gaming computer for $3,000, and down the line just add more graphic cards as price drops, is this a possibility?. Cause starting from scratch with the gpu shortage looks like a over priced bas idea.
I'm only getting into mining for hobby purposes btw. So the cheapest options is fine. (My electric charge where I live is $0.13 kwh
yeah, you kind of have to build over time. getting a job and investing in it is probably the best way after the pandemic is over. then there will be another halving event. hopefully supply will be up as well.
Would you please elaborate more why Nvidia cards are better than AMD? Which algorithms are better in Nvidia? And are you referring to high end cards like 3060 or Nvidia vs AMD in general?
Nvidia has better cores than amd do they perform better in core intensive algorithms which is mainly all the other Cryptos
@@MiningChamber But you can apply tweaks with AMD that could get you higher hash rates, like the Vega 64, I have tweaked my vega and got 52MH with 118, by flashing it to vega 56. I think you can not do that with Nvidia I am not arguing but trying to understand.
@@MiningChamber I have 2 broken cards that need chip, 1080 and 1060. Do you know where I can get a new or used gpu chip? Thank you
I'm also mining but I don't think its unreasonable to help the network to thrive which it can not if a transaction costs 40 or 50 $.
If I get less ETH for my hashrate but The coin has a chance to double its price due to a thriving network I think it's OK. On the other hand if the network suffers and the price of ETH goes back to the pre 1/2020 rate while getting the same Mining shares in ETH it's not an advantage.
This is especially because the next best coin to mine would bring only a quarter of the ETH Mining .
For me it seems there are a lot of miners who want to take a bath but refuse to get wet in the process.
The only real negativ is that mining will stop with ETH 2.0.
If I were Vitalik Buterin and the people around him and get a stubborn refusal from miners to make the network better for the users for the Profit of all involved I'd probably work day and night to get 2.0 online before 2023.
While I say this is expected for those who have conducted prior research before dipping their toes to mining scene, it's kinda worrying that the users (not the devs, their stance of considering miners are "necessarily evil") are so vehemently against miners that the merge had to be made quicker.
Don't get me wrong, I have planned around the merge... but rushing the merge as a quick fork solution to stamp out miner dissent seemed to leave a pretty bad taste for me. Then again, I completely understand and expect this to occur in business. Though I do prefer both sides (devs can do whatever the hell they want, they WILL profit from more use, they have no reason not to better the network) to be more civil and level-headed in this discussion.
I'll say this and I say it again: there are profitable times to mine and there are profitable times to use the currency.
Also, RPM may not want to start the drama, but the way he worded it makes miners like greedy pigs to users (devs already know that we are here for our share...) and holders in general. I know the intention is not like that, but it does not matter because it fits the narrative of greedy miners 51% a network to get money. What is done, is done. While I feel resentful for his statement back ago; it's pretty much a mistake on his part, and that I can live with.
Besides... for safe and functional merge, October is the EXTREMELY optimistic timeline. Assuming the newer miners that had bought scalped card started to panic selling their card, the status quo could be very well maintained.
I really appreciate your input on this! very valid points
Is it worth spending 3 dollars per month for hive os in your opinion when you can mine on nicehash for free
Nicehash takes 5% so I'd say $3 is better for sure
@@MiningChamber thx so much for the input I’m trying to get into mining and trying to find the best website to mine with
Hi
I am just buy one miner pc on taobao
I use a card and n card
But I can’t use NiceHash to do
Which software is gd and easy to do miner ?
I find that pc use b75 mother board and cpu is celeron j1000, I can install 8 cards
But I find that cpu very slow
I have try phoenixminer , not stable
I have 3070*3 2070s and6700xt
What do you mean by "DEF not procrastination"
Definitely not procrastinating (me being lazy)
Hi, Anyone knows a good pool that pays daily like Binance? Binance has a very high latency :(
Ethermine is good
@@MiningChamber What do you think of ETh switching to POS in July? Do you think it will affect mining profits? Do you have a backup plan?
You know what? Im happy for the 1559.
We do a lot a work to learn about mining.
A good quarter don't know shit and the only thing they cause is a higher mining dificulty.
So maybe they will disappear and improve mining. 1559 will happen anyway.
Exciting future ahead of us
HODL! Value only matters if you are selling right now, I'm mining all kinds of crypto and keeping it/holding it as a long term investment. Like stock everything will go up and down, I'm keeping all my coins and selling it in 10 years when I retire.
It means Ethereum Profits will drop to half in July ?
Basically yes going to get half of the reward than you normally would so Ethereum miners are going to be mining for free basically barely any profits worth mining it
@@kevinanglin678, does it mean the price of GPU in July will drop?
@@karlmendoza475 A little maybe but you have to think that people are already buying the double or triple the price so as long as people keep buying them for that price the price will still be high so it's up to the people buying them to lower the price or not
@@kevinanglin678 Thanks man. do u think its no too late to invest right now?
@@kevinanglin678 i also wanna know if investing in mining is to late now cause i just now brought a motheboard with a psu and ram etc just need a couple of gpus do you think it is still worth buying the gpus??
so basically sell yours gpus's now so you can sell your old and new cards to some dummy for triple msrp. Right before July or diff after half profits their will be massive exodus. I dont plan to go anywhere but those people who dropped 10k in April to build one 3080 rig you going to be hurting.
I got in scalping initially around December/Jan, now i've kept around 12 GPU's to hopefully make back ROI by July if not June, if all goes well and prices of payout don't slump too excessively I should come out with a win. Hopefully prices of GPU's will still stay reasonably high (definitely won't be as they are now... Some hope.) and that way I can still sell off the current cards I have assuming another coin doesn't magically become super profitable to mine.
I'm not early yet not too late, the true joy was learning about mining and now a bit more about cryptocurrency :D
Not late at all ;) best of luck! @Joe I know your pointing fingers at me 😅😛
@@MiningChamber not at you at all i spent my fair share lately its the people who spend it in june and stuff i worry about
true
as a defi user i can say the ethereum network is unusable right with the gas fees. if you guys still want to enjoy profits in the long run dont fight 1559. with lower gas fees eth will easily double or more, covering any loss
EIP1559 won't fix the gas fees. But no worries we miners are for it. If ETH price drops then simply ETH is in danger
i got a 6x 5700xt rig ... 322mh .... should i sell ?
Can't give you a financial advice
Sell soon imo lol but thts on u
I just build a rig with 300 mhash , should I sell it now 🤔😅🤔🤔🥸🥸
I can't give you a financial advice! It's up to you to decide. I'm still going to be mining as I stated in this video
Selling now can make you a good profit, just sold my GTX1080ti for 700$ that is same as it did cost when it was new. Replaced it with a just as fast new RTX3060 that use half the power and is faster when doing video upscaling with AI...
👍👍👍👍👍👍👍👍👍👍👍👍
First
Hi :)
It's quite simple. If I don't feel valued then I see no value in it. I'll keep mining to its not worth it. Sell all or swap to Bitcoin and forget about ETH.. never to touch it again
Ethereum can go where ever it wants to, its not end of the world.
So a few months until people start dumping GPU's on ebay then. Nice.
When they do I'm looking forward cause I would like to build a few more rigs and it will be cheaper then lol
Please make a video fpgas
Its hard to find any :( so I am not able to make it yet