A small group of minority Ethereum miners has threatened to woo subscribers of their larger counterparts and revolt against EIP 1559. Some minority Ethereum miners are now forming what can be termed a cabal to halt the execution of a fresh, controversial proposed update, which they claim is an encroachment on their rights. Flex pool, a small mining pool, is among the Ethereum Improvement Proposal (EIP) 1559. Eight more pools have joined Flexpool to stand against the proposed update.
Factional Mining Pools Vow to Plot Against Controversial Ethereum Update
Flex pool has been urging Ethereum miners to desert the camp of the bigger mining pools like Sparkpool (that has 24%) and F2Pool (that jas 11% hash power). Meanwhile, in December, Flexpool mined just ten blocks among 48 miners. Flex pool in the blog post urged miners to discontinue dealing with pools that aid in defrauding their miners to inflate Ethereum price just for the rich’s benefit. The post has attracted more than 400 miners to Flexpool’s camp since January 14, according to a report by CoinDesk.
The EIP 1559 proposal was first introduced in 2019 by Buterin Vitalik. The proposal deforms the conventional mining payment system by halting some of the transaction fees originally entitled to miners to address the transaction fees’ volatility and enhance the Ethereum’s poor interface.
Though the proposal has not yet been approved for mainnet, many developers have rallied their support for the EIP and may fork it into the Ethereum codebase. Since the introduction of decentralized financing, miners have gained heavily from the services they render. Their gains have hit a 3-year high as transaction fees keep soaring to an all-time high due to unending activities. Besides, the business of Ethereum mining is at the industrial level. Ether has also reached its record high. So, miners won’t want any policy that will distort the upward direction of the asset.
The reactions of bigger mining pools and developers
Large mining pools have yet to articulate their reactions to the ongoing protest against the proposed EIP 1559. While some of them are opposed to the bill, others are undecided. One of the major opponents of the proposal is BitFly. It warned against the risks associated with the bill in a tweet while reacting recently on Twitter. Meanwhile, CoinDesk announced its neutral stance on the issue. SparkPool seems to be halting its support it once gave the proposal and says it has not released an official statement on the EIP.
The Ethereum developers team and non-miners have been opposing the proposal. Some analysts say though people tend to focus on how miners are making huge money from the business, miners had made huge sacrifices before making profits. Opposing miners will have to garner nothing less than 51% of Ethereum hash power to halt the proposal’s success. The proposal’s major opposition can sanction blocks that adopt the EIP 1559 features.