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A group of major Ethereum miners changed their hash rate to oppose a wage cut plan

Some Ethereum miners who oppose the implementation of the Ethereum 1559 improvement plan, in protest of this plan, seek to change their hash rate to pools opposed to this plan.

to the the report Coin Telegraph, the miners called the move a “show of strength” and sought to oppose Ethereum Improvement Plan 1559.

Plan 1559, proposed by the major Ethereum developers, seeks to overcome the problem of rising Ethereum fees. According to the plan, part of the transaction fees will be burned and the calculation of the fee rate will be based on a fixed pattern.

According to the plans, this plan will be implemented in July (July and August 1400). The 1559 plan is said to have a profound effect on the income of Ethereum miners. Some analysts also predict that the plan will reduce miners’ incomes by 50 percent.

To oppose the plan, some Ethereum miners are seeking to transmit their hash rate to pools opposed to the plan for 51 hours from April 1, 2021, to demonstrate their power. Meanwhile, some hope that the hash rate of these pools will reach more than 51% of the hash rate of the entire network.

If these pools can capture 51% of the network’s extraction capacity, they will be able to unilaterally make changes to the Ethereum protocol or prevent changes.

Bits Be Trippin, a popular YouTuber, spoke about this in a live video on Tuesday. According to him, this move of the miners is “showing the power of the network”. He added:

The threat mentioned here is not to attack the network, [بلکه] Show that the issue is imposed [در شبکه] May be.

Many believe that his words mean that the Ethermine mining pool is not going to use this processing power to attack the network. He said the pool had no “motivation” to carry out such an attack. He continued:

What we see here is that if you have a difference in motivation, you can bring the network to a point where potential attackers can create a situation where the price is not high and the demand is higher. They can pay more for hash power, and now that the conditions are right, they can launch a 51% attack or spend again.

Last week, major Ethereum developers announced that the Ethereum 1559 improvement plan would be implemented in the summer of 2021. This news made many people who were not Ethereum miners happy.

In addition to reducing commissions, the scheme could also reduce the supply of Ethereum. Vitalik Butrin, who recently appeared on Tim Ferriss podcast, stated that with the implementation of the 1559 improvement plan, the number of ethers produced may be less than the number of Ethereums burned, and this could lead to a rise in the price of Ethereum. He, who was one of the proponents of this improvement plan, continued:

If the demand for Ethereum increases sufficiently, it will lead to the burning Ethereums surpassing the produced Ethereums. I jokingly say this sometimes that if supply is limited [بیت کوین] Turn it into “healthy” money, so can a reduction in supply make it “super healthy” money?

According to statistics, if the Ethereum 1559 improvement plan was implemented at the same time as it was launched, between October 2019 and October 2020, more than 1 million ether units would be out of cycle, which is equivalent to 1% of the digital currency’s circulation cycle.


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