Bitcoin Forum

There have been many talks about Ethereum miners rejecting the "EIP-1559" upgrade which is meant to reduce fees on the blockchain. They don't think about the mainstream adoption of the world's second-largest cryptocurrency by market cap, as they're focused on filling their pockets with money. Miners' greed could result in serious consequences for the ETH blockchain in the long run. If the majority doesn't approve the "upgrade", we could see another "Ethereum Classic" come into fruition.

What will be the outcome of EIP-1559? Do you think ETH developers will be able to successfully roll out the upgrade on the Ethereum blockchain? Will there be a chain split? Your input will be greatly appreciated. Thanks in advance. :)

The last time I read about EIP-1559 and the planned hard fork in July there were around 60% hash power controlled my miners opposed to reducing their rewards. A new revenue model called MEV or Miner Extracted Value was also introduced so I don't really know what's going to happen next.

A chain split looks unlikely at the moment. I doubt these miners are willing to stick to a blockchain that only a few would use. They can kiss their high fees goodbye.

We'll see. As it's said in the real world, "when there's a will, there's a way". There's nothing stopping miners from creating their own alternative blockchain network with the aim of profiting off ETH fees. Of course, the new chain won't be as successful as the original chain. What's concerning is the concentration of power of miners on the ETH blockchain. This could compromise decentralization as we speak. ETH should adopt a mechanism where both miners and users have a final say over network upgrades. Something like a USAF (User Activated Soft Fork) should do the trick.

Nonetheless, no one knows what will happen after the EIP-1559 upgrade. Miners could either create a new fork or simply "flee" from the ETH blockchain altogether. ETH will experience reduced security in the short term if most miners stop supporting the Blockchain. Regardless of the upgrade, ETH's switch to PoS in the near future will make things better for everyone. High fees and slow transaction confirmation times will become a thing of the past, as ETH becomes a highly-scalable smart contract platform for the world. Just my opinion :)

I have heard that ethereum miners unite to issue the ethereum 2.0 fork

https://finance.yahoo.com/news/ethereum-miners-unite-showofforce-collaboration-173500717.html

Ethereum 2.0 will bring a lot of benefits to the holders but what will be happening when there the majority of miners didn't try to update into the new client that was supporting EIP 1559?

I think that we will see a lot of drama between miners and developers. ETG may come soon.

lol hopefully they gonna do chain split and eth devs should switch to PoS like totally, getting tired of these fee problems and greedy miners, not to mention that even if the miner somehow be able to halt the upgrade of eth many people already migrating to BSC yet they are still persistent on trying to fill their pockets smh.

really shortsighted move by the miners they think they could keep the gas price high, it's just matter of time until either eth got upgraded or people move away from it.

That is also true but we still have to think of why they are opposing EIP-1559 in the first place. Is it about security? No. Is it about decentralization? No. It's about how their revenue will be affected by the upgrade so creating their own alternative blockchain would not be wise economically.

It wouldn't be cost-effective for miners to split the ETH blockchain if the majority of people goes with the new chain. Miners would be forced to "play by the rules" or be left out of the game. Besides, PoS will entirely change ETH's economic model. This could lead miners to search for an alternative blockchain network to avoid losing profit. My guess is that ETH miners will adopt the ETC chain for their own benefit. It's a win-win situation for both Ethereum and Ethereum Classic in the long run.

What's matters now is the long term scalability of the ETH blockchain. Once ETH solves the "high fee" issue, mainstream adoption will flourish once again. The EIP-1559 is necessary for Ethereum to reach a wider audience. "De-Fi" won't work as intended with high fees in play. With how quickly Binance Smart Chain rose to glory, the Ethereum developer team has no choice but to go forward with the upgrade. Otherwise, ETH's dominance on the market will decline until one of its rivals becomes the second-largest cryptocurrency by market cap. I hope that doesn't happen in the future as developers and the community work together to make the Ethereum blockchain a better place. Just my thoughts ;D

I believe what is important is a Decentralized Network that will survive what is coming. ..better still, well Decentralized, anti-fragile and good  Network controlled by good\honest participants and rules.

Even if a split happens, that is not the end of the world. Splits aren't a bad thing so to say, they reflect the politics of a network or the claims for power. It shows how participants of the network think and they can split if they disagree. Up to those who want to split.

maybe ETH dev think about POS is better than POW in price no miner mine ETH and Sale to dump price.

when you keep it you got reward in POS  that make everyone need to think when selling ETH

Did you see how much carbon that already generated by bitcoin mining? that's a lot. Ethereum needs to move into the conservative consensus that will let the holders to run ethereum blockchain. This will make ethereum chain will be much more conservative compared with the POW token.
The problem is miners will be creating another coin called ETG that will continue to use POW instead of ethereum.
I have heard this rumour in so many places.

Why create a new chain to preserve PoW, when miners could simply migrate to Ethereum Classic altogether? As far as I'm aware, ETC will to continue to rely on PoW over the course of its lifetime. Once ETH becomes a full-fledged PoS cryptocurrency, miners will be forced to move on to another chain. There's no other way around. Unless they decide to become a validator, that would be another story. What matters here is the long-term scalability of the Ethereum blockchain. Reducing fees is a must for ETH to grow in mainstream adoption. "De-Fi" cannot work as intended with high fees and slow transaction processing times in play. EIP-1559 is a temporary fix for the ever-increasing fees on the ETH blockchain. Things will get better with the ETH 2.0 upgrade and Sharding. Miners have no other choice but to approve the EIP or be left out of the game. It's as simple as that.

Nonetheless, the crypto/Blockchain space is full of greedy miners looking to "milk" rewards whenever they see fit. They don't care about users or the level of mainstream adoption of an underlying blockchain network. As long as there's money to be made, nothing else matters. Thanks to the decentralized and democratic nature of Blockchain tech, everyone has a voice in determining the future of the underlying cryptocurrency project. Whatever happens after the upgrade, Ethereum will be here to stay. Just my opinion :)