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Ethereum Miners Debate EIP-1559 has accelerated Upgrade to ETH 2.0

Ethereum Miners Debate EIP-1559 has accelerated Upgrade to ETH 2.0

Ethereum Miners are plotting resistance against EIP-1559; however, they may lose their power over the network sooner than expected. Various community members who offer hash power to the network intend to move their hash rate to Ethermine for 51 hours on April 1. RedPandaMining took to Twitter to propose the plan on March 7, tagging several other significant miners. One of the hashtags they used stated “#stopeip1559.” The post received a considerable amount of support. 

Divisions across the Ethereum community have been visible in recent weeks. Last Friday, Ethereum developers admitted to launching the protocol’s expected EIP-1559 update in the London hard fork slated for July. EIP-1559 will interject a fee burn “ETH buyback” device, which hits the revenue miners can make. It also attaches deflationary pressure to ETH, extending the asset’s economic proposition. However, while many celebrated last week’s decision, numerous Ethereum miners have made it evident that they’re opposing the update. 

Vitalik Buterin Defends EIP-1559 Update

Ethereum has suffered occasional objection to changes proposed during the protocol’s development. EIP-1559 is the most advanced one that’s caused a significant rift. Vitalik Buterin and other Ethereum developers have since replied by planning preventive efforts. Buterin advocated that this document’s purpose is to specify a mechanism by which a merge can occur swiftly, with minor adjustment to either the ethpow or beacon clients. This update would transition the network to Ethereum 2.0 faster than expected. Moreover, according to a blog post from Status, with Vitalik, the Ethereum community can organize potential solutions to this possible 51% attack. 

Moreover, as per Ethereum miner Michael Carter, who operates a YouTube mining channel called ‘Bits Be Trippin’, the rally is a “show of force.” He states that it does not come under attack the network. It represents that miners can coordinate. The video on which he put up the comments related to the April protest attracted a mixed response. While some defended his viewpoint, establishing their plans to participate, others were critical. 

Conclusively, Ethereum 2.0 is a scaling effort that intends to move the network from PoW (proof-of-work) to a PoS (proof-of-stake) mining consensus. It is an endeavor that has been in the works for years. Buterin’s newly proposed framework would accelerate the network’s mining consensus transition. The merge could help in smoother progress on Ethereum 2.0.

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