A tweet by Bitfly, the parent firm of Ethereum mining pool Ethermine, stirred up debate over the weekend after the firm revealed miners are voting to increase GAS limit from 10,000,000 to 12,500,000 each block.
The broader Ethereum community was immediately divided on the matter, with most taking to Twitter to voice opinions.
Ethereum to 44 tps
Miners say increasing GAS limits mean, in theory, increasing Ethereum’s overall capacity while reducing fees. Currently, ETH fees hover between $0.40-$0.60 per transaction, compared to coins like Bitcoin Cash or Cardano which charge less than $0.20, or even $0.10.
For the uninitiated, every Ethereum transaction requires a certain GAS value to ensure a successful transaction or for executing a smart contract on the network. Network activity at any given time determines exact GAS prices, although they don’t vary significantly.
As CryptoSlate reported last week, GAS usage is nearing all-time highs; presumably due to rising DeFi activity and widespread institutional interest in the network prior to ETH 2.0. Read More