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Intent to approve PEP 703: making the GIL optional
(discuss.python.org)
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It will depend on the nature of how the threaded code is structured (how much is sequential, how much is paralle, Amdahl's law, etc), but it should at least be more effective at scaling up and taking advantage of multiple cores.
That said, the change would come at a cost to single threaded code. From the PEP 703:
imho its a cost we should pay. CPU’s are getting more cores not faster ones.