April 17, 2021

Ethereum miners plot hash-power ‘show of force’ against EIP-1559

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Some Ethereum miners are trying to drum up support for a demonstration of force to show their opposition to the impending implementation of EIP-1559.

Amid the backdrop of ever-escalating Ethereum fees, the Ethereum Improvement Proposal seeks to replace the network’s existing bidding-based fee market with a fixed price and burn mechanism.

However, EIP-1559 — which is scheduled to go live in July, will significantly impact the revenue of miners. Some analysts estimating Ethereum miners could lose up to 50% of their profits.

To signal their opposition to the proposal, some Ether miners are now planning a 51-hour show of force for April 1. Miners intend to direct their hash rate to the 1559-opposed pool, Ethermine, for 51 hours on April 1. Some apparently hope to harness more than 51% of hash rate.

For educational purposes, let’s collectively move our hash to https://t.co/6osh2Op6yl April 1st for 51 hours. @etherchain_org @BitsBeTrippin @SonOfATech @maxvoltage @SavageMine @VoskCoin @Nemisist2 @notyournormalm1 @BrandonCoin1 @GuntisVitolins #eip1559 #stopeip1559 #Ethereum

— Red Panda Mining (@RedPandaMining) March 7, 2021

If that were successful, the pool would Title: Ethereum miners plot hash-power ‘show of force’ against EIP-1559
Sourced From: cointelegraph.com/news/ethereum-miners-plot-hash-power-show-of-force-against-eip-1559
Published Date: Thu, 11 Mar 2021 04:15:20 +0000