ETH miners accept upcoming update after all – 55% in favour

Good for Ethereum: ETH miners accept upcoming update after all – 55% in favour

Ethereum is set to receive an update in July. Contrary to previous belief, miners are apparently actually accepting the „fee-saving upgrade“ EIP-1559. This is what a community call has now revealed.

Wang Chun from F2Pool reiterated his support and furthermore said that supporting ETC in 2016 had been a mistake. They are now full Bitcoin Lifestyle Ethereum supporters, he said.

Only one miner disagreed, and that too without further justification other than that the hash rate might fall, to which another miner countered that the Miners Reward in Fiat had already fallen by 90% before, which had not affected security („New Ethereum defi hack“) either. affect.

Another miner, Chris (?) from Flexpool, said they had conducted a survey that 55.33% of miners would accept EIP 1559 – if another proposed improvement, EIP 969, was added. Chris from Flexpool commented:

„Initially our miners were quite upset about 1559… when we talked to other miners and the developers, we came to the conclusion that we don’t mind 1559 as it brings some improvements to the Ethereum network and we honestly believe it will improve things.“

The CTO of Innosilicon, an Asics vendor, believes that „miners will continue to support Ethereum (To Buy Ethereum Guide) no matter what the decision is.“

Interestingly, miners brought a new version of ProgPow (now EIP 969) into the discussion. Chris is in favour, while Innosilicon is against the change to the mining algorithm for Asics.

However, this internal mining policy seems to be just a red herring, as it has nothing to do with EIP-1559

EIP-1559 instead sets a basic algorithmic fee for inclusion that targets 50% capacity. This makes the charges predictable and thus improves the user experience.

Based on this public discussion, it appears that the proposal is much less controversial than previously thought.

As such, and given that it has full consensus among developers and Ethereums, it is very likely that this improvement proposal will eventually pass.