Monday, June 17, 2024

Ethereum EIP 1559 introduced in July Hard Fork contrary to miners position

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Proposal EIP-1559, which involves the burning of part of the transaction fees, will be part of the next hard fork in July London… This decision was made following the results of the conference of the main developers, despite the discontent of the miners.

According to the hardfork specificationsIn addition to EIP-1559, the update contains five other proposals.

Presented by Vitalik Buterin in 2018 EIP-1559 suggests more “fair” commissions to miners for including a transaction in a block. A certain part of them will be recorded algorithmically, depending on the network load.

This proposal received a lot of support from both developers and users in light of record commissions.

Mining pools divided about those who are willing to support EIP-1159 and those who actively oppose it. The latter group is represented by the Ethermine and SparkPool mining pools, which, along with other participants, own 60% of the network’s hashrate.

Remember that in February, Ethereum miners’ revenue from transaction validation increased 122.1% compared to January. the proportion of commissions received was 52.9% of total incomethat reached a record $ 1.36 billion.

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Ebenezer Robbins
Ebenezer Robbins
Introvert. Beer guru. Communicator. Travel fanatic. Web advocate. Certified alcohol geek. Tv buff. Subtly charming internet aficionado.

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