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

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Published Mar 11, 2021

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. If that were successful, the pool would command enough mining power to make unilateral changes to the network’s protocol. In a video streamed live on March 9, popular YouTuber, “Bits Be Trippin’,” discussed the planned hash-power redirect, describing the proposed move as a benevolent “a show of force”:The YouTuber sought to placate concerns that Ethermine could the new-found hash power to attack the network, claiming “there’s no incentive” for them to do so.“What it is showing is that if you have a misalignment of incentives, you can get the network into a position where a would-be attacker could put a price point out there, pay a lot more for that hashpower that just got kicked off, and now you have a situation where you could have a double-spend or a block reorg,” he said. On March 5, Cointelegraph reported that Ethereum’s core developers announced EIP-1559 would be implemented in July . Many Ethereum proponents from outside of the mining sector celebrated the news. Apart from keeping a lid on fees, part of the appeal of the proposal is that it could end up lowering the Ether supply. Appearing on Tim Ferriss' podcast yesterday, Ethereum co-founder and EIP-1559 co-author, Vitalik Buterin, emphasize the proposal’s burn mechanism could result in more Ether being destroyed than created — creating a bullish dynamic for Ethereum:Previous analysis has estimated that more than 1 million Ether would have been burned between October 2019 and October 2020 if EIP-1559 had been live at the time — equating to roughly 1% of the crypto asset’s circulating supply.

All data is taken from the source: https://cointelegraph.com/
Article Link: https://cointelegraph.com/news/ethereum-miners-plot-hash-power-show-of-force-against-eip-1559

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

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