VeryHash News: Mining Machine Market Update for the First Week of August

As the second largest cryptocurrency by market value, Ethereum (ETH) completed the long-planned London hard fork last night. At the beginning of the hard fork, the price of Ethereum was stable, but it began to rebound about an hour later. In the past 24 hours, the increase in Ethereum has exceeded that of Bitcoin, which is currently the largest by market value.

Ethereum (ETH), the second-largest cryptocurrency by market cap, has been in the spotlight recently as an upgrade known as the London Hard Fork was officially activated on the Ethereum blockchain network. The upgrade has boosted prices, with Ethereum up about 5% in the past 24 hours, compared to Bitcoin's 3% gain in the same period.

Currently, for every new block mined on Ethereum, an additional 2 ETH is issued into circulation as a miner reward; as more available ETH enters the market, this dilutes its value. Ethereum's current annual issuance rate is about 4%, while Bitcoin's annual issuance rate has dropped to around 1.8%.

With the introduction of EIP-1559, while new ETH is being issued as block rewards, the basic fees paid by miners are currently undergoing periodic burning, with more than 2,000 ETH being burned, which has slowed down the issuance of ETH to a certain extent and made it unnecessary for Ethereum to introduce a supply cap.

Market report of popular mining machines in the first week of August: The latest data is from 2021.7.31 to 2021.08.06 . The mining machine market reference is shown in the figure below.

Disclaimer: No fees are charged for the mining machines mentioned in this article.