{"id":38725,"date":"2021-03-11T13:45:10","date_gmt":"2021-03-11T11:45:10","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=38725"},"modified":"2025-08-30T06:06:45","modified_gmt":"2025-08-30T03:06:45","slug":"ethereum-miners-to-stage-protest-against-eip-1559","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ethereum-miners-to-stage-protest-against-eip-1559\/","title":{"rendered":"Ethereum miners to stage protest against EIP-1559"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">On April 1, Ethereum miners will pool their hash rate in the Ethermine pool, which opposes the adoption of the EIP-1559 proposal. The protest will last 51 hours.<\/span><\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Ethereum Miners on April 1st, what\u2019s this move about?<a href=\"https:\/\/t.co\/Io1UsGi51Q\">https:\/\/t.co\/Io1UsGi51Q<\/a><\/p>\n<p>\u2014 Red Panda Mining (@RedPandaMining) <a href=\"https:\/\/twitter.com\/RedPandaMining\/status\/1368971182679220228?ref_src=twsrc%5Etfw\">March 8, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><a href=\"https:\/\/hackmd.io\/@timbeiko\/1559-resources\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">EIP-1559<\/span><\/a><span style=\"font-weight: 400;\"> is aimed at replacing the existing fee market, based on auctions, with a fixed price and a burning mechanism. The proposal will become part of the July <a href=\"https:\/\/u1f987.com\/en\/news\/ethereum-eip-1559-included-in-july-london-hard-fork-despite-miners-opposition\">London hard fork<\/a>.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In February, Ethereum miners&#8217; revenue from validating transactions jumped 122.1% relative to January. The share of fees earned <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-and-ethereum-miners-earned-1-36-billion-in-february\">52.9%<\/a> of total revenue, which reached a record $1.36 billion.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">EIP-1559<\/span><span style=\"font-weight: 400;\"> has divided mining pools <a href=\"https:\/\/u1f987.com\/en\/news\/ethereum-miners-split-into-two-camps-over-eip-1559\">into two camps<\/a><span style=\"font-weight: 400;\">. Opponents were Ethermine and SparkPool, which\u2014along with a number of other participants\u2014account for 60% of the network&#8217;s hash rate.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;For educational purposes,&#8221;<\/span> the opponents of the proposal plan to direct computing power to Ethermine. <span style=\"font-weight: 400;\">If they manage to accumulate more than 51% of the hash rate, then theoretically miners could make unilateral changes to the protocol.<\/span><\/p>\n<blockquote>\n<p><i><span style=\"font-weight: 400;\">\u00abThis is a demonstration of the miners&#8217; power to coordinate actions, not a willingness to attack the network; there is no such objective. This shows a scenario where a potential attacker would weigh the price. He could rent large amounts of hash rate and create the risk of double-spending or block reorganization\u00bb,<\/span><\/i><span style=\"font-weight: 400;\"> \u2014<\/span><span style=\"font-weight: 400;\"> explained Michael Carter, founder of the Bits Be Trippin mining blog.<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">Supporters of <\/span><span style=\"font-weight: 400;\">EIP-1559 believe that its adoption could reduce the overall circulating supply of Ethereum and, consequently, lead to a rise in the coin&#8217;s price.<\/span><\/p>\n<blockquote>\n<p><i><span style=\"font-weight: 400;\">\u00abIf demand is high enough, more Ethereum will be burned than created. I sometimes joke: if Bitcoin, with its limited issuance \u2014 a store of value \u2014 would this apply to us given shrinking supply?<\/span><\/i><span style=\"font-weight: 400;\">, \u2014<\/span><a href=\"https:\/\/tim.blog\/2021\/03\/09\/vitalik-buterin-naval-ravikant-transcript\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">asked<\/span><\/a><span style=\"font-weight: 400;\"> Vitalik Buterin, co-founder of the second-largest cryptocurrency.<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">As noted, <a href=\"https:\/\/u1f987.com\/en\/news\/developer-pins-berlin-hard-fork-date-on-ethereum-network\">Berlin upgrade<\/a> in the Ethereum network is scheduled for block 12,244,000, which will be mined around April 14. The final version includes changes to the gas-cost calculation algorithm (<\/span><a href=\"https:\/\/eips.ethereum.org\/EIPS\/eip-2565\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">EIP-2565<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/eips.ethereum.org\/EIPS\/eip-2929\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">EIP-2929<\/span><\/a><span style=\"font-weight: 400;\">), as well as new transaction types (<\/span><a href=\"https:\/\/eips.ethereum.org\/EIPS\/eip-2930\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">EIP-2930<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/eips.ethereum.org\/EIPS\/eip-2718\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">EIP-2718<\/span><\/a><span style=\"font-weight: 400;\">).<\/span><\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener\">VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On April 1, Ethereum miners will pool their hash rate in the Ethermine pool, opposing the adoption of the EIP-1559 proposal. The protest will last 51 hours.<\/p>\n","protected":false},"author":1,"featured_media":38726,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,46],"class_list":["post-38725","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-ethereum"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38725","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=38725"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38725\/revisions"}],"predecessor-version":[{"id":38727,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38725\/revisions\/38727"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/38726"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=38725"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=38725"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=38725"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}