Panda Mining Network urges miners to gather all their hash power. Users believe that miners want to prove that the network would fall as a vulnerable victim without them.
A group of Ethereum miners wants to clarify their discontent around the integration of the EIP-1559 enhancement proposal. Therefore, they have made plans to set a demonstration on April 1 to transfer all their hash power to the Ethermine pool, one of the oldest and most important of Ethereum, which already opposes the protocol.
The coordinated operation will last about 51 hours. During that time, the activists plan to show how much hash power opposes a proposal that receives massive approval from the rest of the community. The movement would also be looking to leave evidence of how much computational power could generate essential changes in the network if the EIP-1559 algorithm gets its activation mode.
The call appeared on Twitter through the Red Panda Minning account; the tweet stated that the action has “an educational purpose” and specifies that it is not about attacking Ethereum.
The proposal aims to improve the network and better manage the high commissions that have been drowning users. The proposal aims at establishing a market base rate to integrate transactions in the blocks while adding tips to encourage the miners.
However, the proposal inflamed a debate after several miners opposed the initiative. They consider that they will lose part of their rewards, as they have stated during calls from the community to discuss the proposal.
Some miners are opposed to see a change in the Ethereum ecosystem and stick to the current mechanism that depends on commission auction to operate every transaction. These miners oppose the fixed fees as well as the proposed compensation model. They believe that if a new system gets an implementation, their income will drop dramatically.
With the debate, the division that exists between miners and developers has increased. This debate is because while the former resist the implementation of the EIP-1559 proposal, the latter agreed to include it in the London hard fork, scheduled for next July.
What Can happen to Ethereum?
Michael Carter, host of the YouTube channel Bits Be Trippin, said that, with their show of force, the miners want to clarify that they can coordinate their actions to show how much hash power could end if they eventually don’t. It is profitable to extract ethers once the EIP-1559 proposal gets its implementation.
Several users took to social networks to criticize the action announced by the miners. Among them, Reddit user DCinvestor said that the operation called for April 1 is an attempt to demonstrate that the network could be under 51% attack without actually doing so directly. He added that many miners only care about their rewards and that their actions will hurt the entire community in the short and long term.
Other users have left comments on this same publication. Many are in favor and others against the measure announced by the miners. Several analysts have also made their estimates that, in effect, with the activation of the EIP-1559 protocol; revenues would get a considerable reduction.
By Jenson Nuñez
