Ether Miners Showing their Disapproval for New ETH Fee Model

October 9, 2020

First ETF Backed by Bitcoin

Ethereum (ETH) miners are indicating their disapproval of a technical proposal advocated by top ether developers, the latest survey indicates. Out of nine, seven stating that they will reject to implement the EIP if it was included in a future hard fork, while out of nine, eight mining projects participating in a community survey on Ethereum Improvement Proposal (or EIP) 1559 had an unpleasant impression of the proposal.


EIP 1559 trades Ethereum’s present bid-based exchange market for a set charge, BASEFEE, with a little tip for excavator remuneration. The EIP picked up steam over the mid-year months as the expense to send even a fundamental exchange broke $10 on various occasions


The survey included 25 Ethereum ventures, with most deciding to stay unknown, Tim Beiko, ConsenSys item administrator, and survey implementor said in the Medium post. The survey needed support from trades or wallets, as per Beiko. Generally speaking, positive and negative reactions both collected 42% of the vote, with the rest of being neutral or having no view. 


Starting at now, Ethereum engineers are as yet kicking the tires on the EIP. They will exclude it until after the Berlin hard fork, which still can’t seem to be booked for execution after it was deferred in June. While miners are stressed over their wallets, decentralized applications (dapps) stress over executing the EIP, its viability, and changes to designer tooling. 


However, Ethereum miners have the most to lose from the proposition turning into the new standard since exchange expenses would be restricted to a little range. As indicated by BitInfoCharts, it’s never been more rewarding to be a miner, with profitability hitting unsurpassed highs all through 2020. Some ether users such as Besu and Nethermind have started implementing the EIP on testnets. 

Image Courtesy : Pixabay

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