Ethereum miners organize pool with 51% hashrate to protest fee reduction

Ethereum miners plan to hold a 51-hour protest against the upcoming EIP-1559 in April, sending more than half of the network hashrate to one pool.

The Ethereum team recently announced that the July system-wide update will change the principles of transaction fees. To combat the overstated level of fees, the developers decided to abandon the market regulation of the rate size and establish a single fixed value, as well as add a burning mechanism.

It is estimated that as a result of such changes, ether miners can lose up to 50% of their profits. Since almost 40% of income came from commissions in January.

Ethereum miners organize pool with 51% hashrate to protest fee reduction

Ethereum miners organize pool with 51% hashrate to protest fee reduction

To demonstrate the majority disagreement with the proposed update, the miners want to hold a protest. On April 1, they plan to channel more than 51% of the computing power of the ETH network into one pool and hold it for 51 hours. Participants will not conduct an attack on the crypto project.

text: Ivan Malichenko, photo: Shutterstock

Ethereum miners organize pool with 51% hashrate to protest fee reduction

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