What is EIP-1559?
EIP-1559 is a proposal designed to reduce Ethereum’s transaction fee issue which transformed into a proposal for transaction fees to be removed altogether, instead of rewarding miners.
A highly anticipated upgrade to Ethereum, which hurts one major part of the Ethereum community; us, the miners.
How will it impact the mining community?
Ethereum transactions are currently processed by miners with the ongoing transition towards Eth2.0 which will be Proof of Stake validators, replacing us.
Currently miners are rewarded when transactions are processed by their miners. With EIP-1559, the developers are looking to remove the fees earned by miners by simply removing it altogether, replacing it with a base transaction fee paid by the sender leaving miners with no rewards while doing the same amount of work.
Ethashpool does not support EIP-1559
We at Ethashpool and our miners do not feel it is right to support such an initiative that is seeking to take advantage of us miners by rewarding us much less for the same amount of work we have been dedicated in doing for years, by simply destroying the rewards.
We need your help!
The Ethereum foundation network is huge, but we know the Ethereum mining community is stronger! With big mining pools like Ethermine, F2Pool, Sparkpool, etc. controlling greater than 51% of the network, the Ethereum foundation can use their pull power and implement these with the big pools hashpower without the consent of us smaller miners, mining on smaller pools to support decentralization. If you are mining on their pool, you are giving them your vote, for free.
In order to overcome this, we will need the strong Ethereum mining community to help spread light on this situation. Don’t let your vote be waived, take action, stand against EIP-1559.
Please share this article with your fellow miners. #minersunite