ETH Hard Fork is Coming, What Miners Need to Know?

The Ethereum network will carry out the Istanbul upgrade as planned at block height 9,069,000, which is expected to be around 07:00 Beijing time on December 8, 2019.

In preparation for this upgrade, Ethernodes.org has provided Istanbul node statistics and countdown on its website. There are less than 15 hours left until the upgrade. You can also follow the Istanbul upgrade progress through the Ethernodes website (click "Read original text").

Even before the fork, this major event has attracted the attention of countless people. After all, every hard fork of an important currency may have a very important impact. Like the previous BCH fork, the fierce battle for computing power between BCHABC and BCHSV once caused the price of Bitcoin to plummet, which is regrettable.

The Ethereum network development roadmap consists of four phases: Frontier, Homeland, Metropolis, and Tranquility.

The Istanbul upgrade is the last upgrade before the Ethereum 2.0 phase of tranquility. This upgrade will be carried out in two phases. The first phase will be completed at block height 9,069,000, which is around 07:00 Beijing time on December 8, and the second phase is planned to be completed at block height 9,200,000.

This update content

Ethereum Istanbul upgrade includes multiple Ethereum upgrade proposals (EIPs). In terms of quantity, this upgrade is the largest among all previous upgrades, with more than 30 EIPs proposed to be included in this fork. In the first phase of Istanbul upgrade, 6 EIP proposals were finally confirmed to be included.

The EIPs included in Istanbul have the following features:

Reallocate the gas consumption of some opcodes based on computational overhead and the need to improve resistance to denial of service attacks;
Make Layer-2 solutions based on SNARKs and STARKs perform better;
Make Ethereum and Zcash interoperable;
Allow contracts to introduce more creative functions.

Impact on miners

For miners, this upgrade is more of a bottom-level upgrade and has no impact on mining. Miners who are new to ETH mining can learn about mining-related knowledge through the "ETH Mining Tutorial".

At present, most exchanges and wallets, including Huobi, OKex, Binance, etc., have issued announcements that they will suspend ETH recharges on the day of ETH's Istanbul upgrade and resume after the upgrade is completed.

F2Pool will also suspend payment of ETH mining income on December 8, and will resume payment after the block network stabilizes.

However, in response to the difficulty bomb that was recently triggered (set in the ETH network, when the ETH block reaches one million, the difficulty bomb will be triggered and the mining difficulty will increase rapidly), some miners had hoped that the difficulty bomb could be delayed in this upgrade, but it has been confirmed that this hard fork will not be delayed. It is expected that the difficulty bomb will be delayed in the second phase of the Istanbul upgrade, at the ETH block height of 9,200,000, around January 6, 2020 Beijing time, and the mining difficulty will be greatly reduced.

Official website notification link:

https://blog.ethereum.org/2019/11/20/ethereum-istanbul-upgrade-announcement/

How will ETH develop in the future? Let’s continue to pay attention.

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