Cointelegraph.comEIP-1559

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

In protest of the upcoming implementation of EIP-1559, some Ethereum miners are organizing to redirect hash power to a 1559-opposed pool for 51 hours.
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 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”:”Part of the risk display here is not to attack the network, it’s to …
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