Home Blockchain Ethereum (ETH) Miners Likely to Protest to Claim their Deserved Gains against London – EIP-1559

Ethereum (ETH) Miners Likely to Protest to Claim their Deserved Gains against London – EIP-1559

Ethereum Miners EIP-1559 update

Ethereum is enjoying a bullish impulse. And, lot of users have expressed their interest in giving their best this Eth2 hackathon season by building something that improves ETH2.

Meanwhile Business Insider reports that several Ethereum miners has being angry about the changes planned to the network.  Also, they have to state that this overhaul is set to slash transaction fees for miners and destroy coins to lower the supply. There are miners suggesting strikes or protests to demonstrate their opposition and strength.

These reactions are coming in response to EIP-1559, and Ethereum blockchain developers have approved the major change to the network and this is the network that runs the Ether cryptocurrency.  This change is set to overhaul the bitcoin rival’s auction system using which users send tokens to the miners to pay for the transactions to be completed.

The current protest reportedly is meant to initiate a rally which will disrupt the Ethereum network, where they are planning to redirect their mining power to Ethereum.org, which is a pool of miners for a total of 51 hours on April 1, 2020.

Some of them are discussing about shutting down their mining power as they claim that they are helping in the process of maintaining the network to be secure and fast and they claim that they deserve gains.

The protest is likely and it is not very clear if it will really become a reality.  At present, such talks are in the discussion stage.

However, some of them feel that the current change can lead to an explosive price increase for ETH and that lot of miners are supporting this.

Reportedly, the EIP-1559 changes would come into force in the summer in an event known as “London” no matter what.

This news buzz seems to be from just a few people and it does not seem to have the might to create any major impact.

A lot of stuff is happening on ETH like NFTs, Token Voting, games, rtokens, flash loans, oracles, swapping, lending and staking. And everyone who is doing their stuff are serious about their project and they would not want a network mess up and perhaps a small group of miners are trying to create a panic trying to show their might.

What is happening now is just a political behavior where miners are trying to play their might out which is really not necessary in a giant network where herculean attempts to scale are underway.  If a protest should happen they are simply disrupting innovation.

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dan saada

Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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