Ethereum Miners Plot Resistance Against EIP-1559 with April 1st Protest

Ethereum Miners Plot Resistance Against EIP-1559 with April 1st Protest

Ethereum miners have shown strong resistance to the EIP-1559 update, planning a coordinated protest on April 1, 2021, to express their discontent. Various community members who provide hash power to the Ethereum network intend to move their hash rate to Ethermine for 51 hours, with the hashtag #StopEIP1559 gaining significant traction on social media. The protest has been spearheaded by RedPandaMining on Twitter, and several prominent miners have expressed support for the action.

This protest comes in the wake of the Ethereum developers’ decision to implement the EIP-1559 update during the London hard fork scheduled for July 2021. The update introduces a fee burn mechanism to the network, aiming to reduce gas fees and increase the deflationary pressure on ETH by burning part of the transaction fees, thus making the asset more scarce. However, the move has sparked a fierce debate within the Ethereum community, especially among miners who believe this update will hurt their revenue.

Vitalik Buterin Defends EIP-1559 and Ethereum 2.0 Transition

Despite the resistance, Vitalik Buterin, Ethereum’s co-founder, has strongly defended the EIP-1559 update, citing that it is an essential step towards transitioning Ethereum to Ethereum 2.0. The update, part of a larger effort to move Ethereum from a Proof-of-Work (PoW) consensus to a more scalable Proof-of-Stake (PoS) model, aims to make the network more efficient and eco-friendly. Buterin has also emphasized that the update will make Ethereum more resilient against potential 51% attacks.

In response to the miners’ protest, Buterin and other Ethereum developers have planned preventive efforts to counter any potential disruptions. According to a blog post from Status, with Buterin at the helm, the Ethereum community will be able to coordinate solutions and mitigate any attacks that may arise from this protest.

A Show of Force from Miners

While many in the Ethereum community see the EIP-1559 update as a necessary evolution of the network, others view it as a threat to their business model. Ethereum miner Michael Carter, who runs the ‘Bits Be Trippin’ YouTube channel, described the April 1 protest as a “show of force” rather than an attack on the network. He clarified that the goal is not to harm Ethereum but to demonstrate that miners have the power to influence network changes and can unite to advocate for their interests.

The protest has received mixed reactions. While some miners have pledged to participate, others have criticized the move, citing the need for the community to adapt to the changes and support Ethereum’s long-term vision.

Ethereum 2.0: Transitioning from PoW to PoS

Ethereum’s transition to Ethereum 2.0 has been in development for several years, and the introduction of EIP-1559 is a key step toward realizing the new network. The transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) will enable Ethereum to scale more efficiently, reduce energy consumption, and allow for greater decentralization. EIP-1559 is expected to be a catalyst for this change, accelerating the transition to Ethereum 2.0 and enabling smoother progress toward the new mining consensus.

As Ethereum approaches the London hard fork and the final implementation of EIP-1559, the community remains divided. Miners’ resistance shows that there is still tension within the ecosystem, but it also highlights the significant changes that Ethereum is undergoing. With Ethereum 2.0 on the horizon, EIP-1559 marks an important milestone in the blockchain’s evolution.

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