Hello my fellow bloggers! ETH miners are preparing a 51% show of force on April 1st. Can this become a top 1 peak in “this joke went too far list”? Let’s dive in and find out!
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Ethereum Improvement Proposal (EIP) 1559 will be packaged with the London hard fork this coming July regardless of the mining industry’s discontent with the proposal. In short, the change is described as:
A transaction pricing mechanism that includes fixed-per-block network fee that is burned and dynamically expands/contracts block sizes to deal with transient congestion.
To make if even more simple, the idea is to reduce gas fees miners receive in order to drive more activity on the network and push the price up. Ethereum developers believe that even receiving less in ETH miners will be able to get the same or more in USD because price will rise. It seems miners don’t agree with it. As ethereum dev team scheduled the upgrade regardless of miners’ pushback, they decided to show some force.
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The idea of the “revolt” Mr Red Panda suggest is quite simple but scary. Miners plan to move their hash power to single mining pool on April 1 for 51 hours. As the result, the pool will control more than 51% of the network. In other words, they will have the key to preform 51% attack and destroy ethereum network. Although this is not what they plan, it looks scary for all ETH users. The goals of this show of is covered in this video. In short, miners think the upgrade is harmful for the network and claim they want to protect it.
Can ETH die on April 1? Well, if miners will unite, they will have the power to actually kill ETH. Yet this is highly unlikely. Miners are heavily invested in the network and will not go for it. No one shoot the hen bringing golden eggs. It is still sounds like a bad joke. Imagine your government will plan a test of nuclear missiles flying over your city. You know the chances they accidently hit the cite are tiny, yet you don’t want to have this risk no matter how small it is. The same feeling I have being an investor of ETH ecosystem. Let’s keep our fingers crossed. How do you feel about this revolt? Let me know in the comments below!
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Disclaimer
I’m not a financial of any kind. I encourage you to check all information yourself and make decision only based on your own opinion. All articles are created for solely entertainment purpose.
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