Bitcoin Forum

Your hashrate is your vote.
I would like to inform new member and older miners alike. The ethereum core devs are once again reducing rewards in order to increase their and others holding value at the expense of miners. Please do your research. More than 50% of the network hashrate is currently flagging to oppose eip 1559. You can check your pools stance at stopeip1559.org. Also, bitsbetripping and other mining youtube channels have been having zoom calls to discuss the issue. The recorded call can be found on his and many others channels.


   Older members may know this. For new member to the community I would like to explain how the core devs continue to extract value from miners to enrich themselves.
   When ethereum began the block reward was 5 eth per block. While using the postponment of pos as an excuse the core devs reduced the block reward to 3. This did indeed increase the price of eth and was one of the catalyst for the 2017 - 2018 bubble. After the burst it started to become more public that asics were available. While all but promising to implement progpow to disable the new asics the core devs once again reduced the reward from 3 to 2 eth per block. After nearly 2 years of eip-1057 progpow being approved, going through a audit paid for by miners,being tested and proven stable on testnet the entire project was tabled. Many miners made investment to protect the network from asics while the 2 year fiasco took place.
   Now once again the core devs are deceptive advertising eip 1559 as a benefit for the community. The proposal will burn transaction cost. When you see the block reward current averaging around 4 eth. 2 of that is the standard 2 eth block reward. The other 2 eth are transaction fees. These transaction fees have always gone to miners as part of the incentive to mine. If not stopped these fees will be burn. Which is a easy way to say permanently removed from supply. This will cause a minimum 30 percent reduction in mining rewards.

Anote that the idea of miner added value is going around to fool miners to believe the profits will not decrease this much. The core devs already have a proposal that eliminates any opportunity of miners earning from mev.

Please stay informed and do research. Weather or not you oppose 1559 everyone should choose a pool that flags to their choice.Thank you for reading.

stopeip1559.org
#stopeip1559

Regardless of whether we miners want the fee burn or not the Dev will shove it down our throats just like the 3 < 2 ETH reward reduction.
https://infantry1337.medium.com/the-ethereum-poison-pill-4726158bc0a4

Not if miners force a fork and remove the bomb ourselves.We currently have more than half the hashrate opposing.In the past i would agree. Not many miners understood how it all works. If enough miners realize the extreme disrespect the devs have shown toward miners we can triumph.

I'm a miner, but to always do what miners want is shortsighted.  Inflation drives the price of Eth down.  Transaction fees drive up difficulty.  Either way it is clear that the future of Eth is not mining.

I'm lost, in as much as I want the mining reward to remain the same I also want the gas fee to be affordable, the future of ethereum depends on this, many projects are leaving ethereum behind for polkadot and binance smart chain, this isnt good for Ethereum, sigh!

Thanks for the info I knew there was change coming but imagined the possibility of a hard fork which would work for everyone. As a miner I am not in favour of the change obv and wonder about the possibility of a hard fork, we can have the best of both worlds that way?


Are we miners all going to focus on resurrection of ETC should eip 1559 go live or hard fork ETH and we let survival of the fittest decide.

EDIT

The more i think about eip 1559 the more i think about usury and centralisation, its the reason i got into decentralised crypto as written in the BTC white paper. EIP 1559 is shameful.

Keep crying trolls, eth devs don't care about what you trolls think, know why, even if you don't mine others will because price dictates that and you also mine it because price dictates it. So all in all, you miners are all sheeps to the same evil scheme, it's gameover trolls ehhe

Why did you hate trolls like yourself this much @metroid? It's always game over for miners, that's the only thing coming from you most time, ethereum isn't the only coin to mine even if ethereum goes down today, conflux beats ethereum mining profitability presently, I'm very sure I will end up sharing a success mining story this year, maybe that will piss you off?  ;D ;D ;D, the kinda vibe that's coming from you is seeing miners lose out in the end, why?