{"id":39127,"date":"2021-03-18T10:27:21","date_gmt":"2021-03-18T08:27:21","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=39127"},"modified":"2025-08-30T08:04:14","modified_gmt":"2025-08-30T05:04:14","slug":"ethermine-pool-develops-revenue-support-solution-after-eip-1559","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ethermine-pool-develops-revenue-support-solution-after-eip-1559\/","title":{"rendered":"Ethermine Pool Develops Revenue-Support Solution After EIP-1559"},"content":{"rendered":"<p><span style=\\\"font-weight: 400;\\\">The Ethermine mining pool operator, Bitfly<\/span><span style=\\\"font-weight: 400;\\\">, has launched in beta software to implement the Maximal Extracted Value (<\/span><span style=\\\"font-weight: 400;\\\">MEV) arbitrage strategy. It is designed to compensate miners after the activation of EIP-1559.<\/span><\/p>\n<p><!--more--><\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">Announcing <a href=\\\"https:\/\/twitter.com\/hashtag\/Ethermine?src=hash&#038;ref_src=twsrc%5Etfw\\\">#Ethermine<\/a> MEV beta! \ud83e\udd73<\/p>\n<p>In order to compensate the upcoming mining reward reduction caused by the adoption of EIP-1559 we have launched our MEV beta program.<\/p>\n<p>80% of our MEV revenue will be distributed alongside the mining block rewards.<\/p>\n<p>\u2014 Bitfly (@etherchain_org) <a href=\\\"https:\/\/twitter.com\/etherchain_org\/status\/1372269004115566594?ref_src=twsrc%5Etfw\\\">March 17, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p><span style=\\\"font-weight: 400;\\\">MEV automates the sequencing of transactions on the blockchain based on potential arbitrage opportunities. Over the past 24 hours, profits could amount to $3.8 million, according to<\/span> <a href=\\\"https:\/\/explore.flashbots.net\/\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\"><span style=\\\"font-weight: 400;\\\">MEV-Explore<\/span><\/a><span style=\\\"font-weight: 400;\\\">.<\/span><\/p>\n<p><span style=\\\"font-weight: 400;\\\">Ethermine estimates that, thanks to the initiative, mining revenues could rise by 1-10%. Bitfly will distribute 80% of this amount together with the reward for the found block. Five percent will go to supporting the ecosystem through grants via @gitcoin, with the remainder \u2014<\/span><span style=\\\"font-weight: 400;\\\"> to developing the MEV strategy.<\/span><\/p>\n<p><span style=\\\"font-weight: 400;\\\">Earlier, another mining pool announced the MEV beta test \u2014<\/span><a href=\\\"https:\/\/www.reddit.com\/r\/EtherMining\/comments\/m3kh4v\/announcing_full_mev_launch_across_regions_in\/\\\"> <span style=\\\"font-weight: 400;\\\">Flexpool<\/span><\/a><span style=\\\"font-weight: 400;\\\">.<\/span><\/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, fixed price and burn mechanism. The proposal will form part of the planned July <a href=\"https:\/\/u1f987.com\/en\/news\/ethereum-eip-1559-included-in-july-london-hard-fork-despite-miners-opposition\"><span style=\\\"font-weight: 400;\\\">the London hard fork<\/span><\/a>. In February<\/span><span style=\\\"font-weight: 400;\\\"> the share of fees earned <\/span><a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-and-ethereum-miners-earned-1-36-billion-in-february\"><span style=\\\"font-weight: 400;\\\">amounted to 52.9% <\/span><\/a><span style=\\\"font-weight: 400;\\\">of miners&#8217; total revenue, which reached a record $1.36 bln.<\/span><\/p>\n<p><span style=\\\"font-weight: 400;\\\">Ethermine, which accounts for 20% of Ethereum&#8217;s hashrate, became the initiator of <a href=\"https:\/\/u1f987.com\/en\/news\/ethereum-miners-to-stage-protest-against-eip-1559\"><span style=\\\"font-weight: 400;\\\">a campaign against EIP-1559<\/span><\/a><span style=\\\"font-weight: 400;\\\">. The operator confirmed the stance remains unchanged, citing security concerns. The mining pool pledged not to participate in \u201chostilities\u201d against the network.<\/span><\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-conversation=\\\"none\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">A few more words on EIP-1559<\/p>\n<p>We opposed EIP-1559 because of security concerns. These concerns could get mitigated by adopting EIP-3368. Independent of the outcome (EIP-1559 &#038; EIP-3368) we\u2019ll never endorse nor pariticipate in any kind of hostilities by miners against the network.<\/p>\n<p>\u2014 Bitfly (@etherchain_org) <a href=\\\"https:\/\/twitter.com\/etherchain_org\/status\/1372269156440154113?ref_src=twsrc%5Etfw\\\">March 17, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p><span style=\\\"font-weight: 400;\\\">As a reminder, Ethereum developers also introduced EIP-3368. The proposal envisages <a href=\"https:\/\/u1f987.com\/en\/news\/ethereum-developers-present-a-miner-friendly-compromise-for-eip-3668\"><span style=\\\"font-weight: 400;\\\">an increase in block rewards for miners<\/span><\/a><span style=\\\"font-weight: 400;\\\"> to 3 ETH and its reduction to 1 ETH over two years.<\/span><\/p>\n<p><span style=\\\"font-weight: 400;\\\">Co-founder Vitalik Buterin<\/span> <span style=\\\"font-weight: 400;\\\">presented<\/span><span style=\\\"font-weight: 400;\\\"> the mechanism<\/span> <a href=\"https:\/\/u1f987.com\/en\/news\/vitalik-buterin-proposed-accelerating-the-eth2-transition-after-miners-threats\"><span style=\\\"font-weight: 400;\\\">for a rapid merge of the current network with the Beacon Chain<\/span><\/a><span style=\\\"font-weight: 400;\\\">, the second version of the protocol.<\/span><\/p>\n<p>Subscribe to ForkLog news on <a href=\\\"https:\/\/www.facebook.com\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ethermine mining pool operator, Bitfly, launched a beta version of software to implement the Maximal Extracted Value (MEV) arbitrage strategy. It is designed to compensate miners after the activation of EIP-1559.<\/p>\n","protected":false},"author":1,"featured_media":39128,"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-39127","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":"30","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/39127","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=39127"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/39127\/revisions"}],"predecessor-version":[{"id":39129,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/39127\/revisions\/39129"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/39128"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=39127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=39127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=39127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}