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New Ethereum Fee Model Has Some Miners Crying Foul

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Ethereum miners are signaling their disapproval of a technical proposal advocated by prime Ethereum builders, a brand new survey reveals.

Eight of the 9 mining tasks partaking in a group survey on Ethereum Enchancment Proposal (EIP) 1559 had a unfavorable impression of the proposal, with seven of the 9 saying they’d refuse to implement the EIP if it had been included in a future exhausting fork.

EIP 1559 swaps Ethereum’s present bid-based transaction marketplace for a set payment, BASEFEE, with a small tip for miner compensation. The EIP gained steam over the summer season months as the price to ship even a fundamental transaction broke $10 a number of occasions. 

The survey included 25 Ethereum tasks, with most selecting to stay nameless, Tim Beiko, ConsenSys product supervisor and survey implementor, stated within the Medium publish. The survey lacked participation from exchanges or wallets, in keeping with Beiko.

Total, constructive and unfavorable responses each garnered 42% of the vote, with the rest being impartial or having no opinion.

First proposed in 2018 by Vitalik Buterin, amongst others, EIP 1559 is anticipated to make the blockchain’s payment market extra predictable and relieve congestion.

What EIP 1559 doesn’t do is promise decrease transaction charges. Miners would nonetheless garner earnings below the brand new mannequin, however they’d be restricted in comparison with the present setup because the BASEFEE could be burnt to the community. Doing so would add a deflationary mechanism to the Ethereum community’s native foreign money, ether (ETH).

But, Ethereum miners have probably the most to lose from the proposal turning into the brand new normal as a result of transaction charges could be restricted to a smaller vary. It’s by no means been extra profitable to be a miner, with profitability hitting all-time highs all through 2020, in keeping with BitInfoCharts.

“It has been a really deceptive EIP, and a majority of the supporters are some Twitter thought-leaders (sic) who imagine it should moon the worth. lol,” BitFly technical author Butta stated in a personal message to CoinDesk. BitFly’s Ethermine is the second-largest Ethereum mining pool by hashrate, in keeping with Etherscan.

Conversely, the biggest Ethereum mining pool, Sparkpool, is in favor of the change, in keeping with statements made to CoinDesk in June. Sparkpool didn’t return a request for remark by press time.

As of now, Ethereum builders are nonetheless kicking the tires on the EIP. They won’t embody it till after the Berlin exhausting fork, which has but to be scheduled for execution after it was postponed in June.

Furthermore, the survey and EIP 1559 developer name Thursday morning raised separate issues over the EIP itself. Whereas miners are fearful about their pocketbooks, decentralized functions (dapps) fear about implementing the EIP, its effectiveness and adjustments to developer tooling. 

Some Ethereum shoppers comparable to Nethermind and Besu have begun implementing the EIP on testnets. However different shoppers, together with Geth and OpenEthereum, are ready for a finalized specification earlier than releasing the EIP on testnet.



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