{"id":377,"date":"2021-08-07T12:30:44","date_gmt":"2021-08-07T04:30:44","guid":{"rendered":"https:\/\/apps.badjoerichards.com\/apps\/jpoolblog\/?p=377"},"modified":"2021-08-07T16:49:59","modified_gmt":"2021-08-07T08:49:59","slug":"important-london-hardfork-payout-system-changes-action-required","status":"publish","type":"post","link":"https:\/\/apps.badjoerichards.com\/apps\/jpoolblog\/important-london-hardfork-payout-system-changes-action-required\/","title":{"rendered":"IMPORTANT: London Hardfork Payout System Changes. Action Required!"},"content":{"rendered":"

Hey all!<\/p>\n

As you know Ethereum London hardfork is out. This major network upgrade contains four Ethereum Improvement Proposals (EIP) which will activate a mechanism that would burn<\/a>\u00a0a portion of Tx fees paid to miners. Once it takes effect, increased network usage will result in a higher amount of ETH being burned.<\/p>\n

Which means that Ethereum mining pools will<\/span> have to revise their current payouts mechanisms. As you know, up until now JPOOL had been paying network fees when sending daily ETH payments to miners. The pool was able to send out very low cost transactions and mine these same transactions to minimize the withdrawal costs. When Ethereum London upgrade is live, the pool will no longer be able to do this.<\/p>\n

So JPOOL as well as many other ETH pools will have to introduce a new system where the transaction fees are paid by miners. Therefore transaction costs will be deducted from your balance.<\/p>\n

We realize that miners might have different priorities and some will prefer to pay a higher gas fee while others will choose to wait for the lower network fees. That is why starting from 5 August 2021 (after 12 pm UTC) miners will be able to set up the desirable transaction fee based on their personal priorities.<\/p>\n

\n

IMPORTANT: You have to go to your account and set up the Gas fee suitable for you (in USD). We will not be processing your payout until you do so.<\/strong><\/p>\n<\/blockquote>\n

Click on Unlock Payouts to set up your withdrawal Gas fee. Fill in all the fields and confirm changes.<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

A reason maximum Gas fee is about US$5.00. However, if you are willing to pay more than 100 USD please contact us.<\/p>\n

Again you have to set up your Gas fee in order to receive your next payout.\u00a0<\/strong>The higher Gas price will make your payout faster but more expensive.<\/p>\n

Other changes to payouts scheme:<\/h1>\n