Several Ethereum miners are showing their opposition to the impending implementation of EIP-1559. Following protests regarding the increasing Ethereum fees, the Ethereum Improvement Proposal wants to replace the current bidding-based fee market with a fixed burn mechanism and price.
But EIP-1559, which is scheduled to be launched in July, will have a pretty big impact on miners’ revenue, with some predicting that they may lose up to 50% of their profits.
To draw attention to their opposition, several Ether miners now plan a 51-hour show of force for the first day of April. They plan to direct their hash rate to the 1559-opposed pool, Ethermine, for 51 hours, starting April 1st. Some believe they may harness over 51% of the hash rate.
If they prove to have success, the pool would have enough mining power to make unilateral changes to the protocol of the network.
Bits Be Trippin’, a popular YouTuber, streamed a video on March 9th, where he talked about the hash-power redirect and described it as a “show of force.”
The YouTuber claims “there’s no incentive” for them to attack the network via Ethermine.
However, some Ethereum proponents, who aren’t miners, are happy with the new EIP-1599. Not only it would keep the fees under control, but it could also lower the Ether supply. Vitalik Buterin, Ethereum co-founder and EIP-1599 co-author, declared: