Home Business Minority Ethereum Mining Pools Threaten to Block Updates – Kindesk

Minority Ethereum Mining Pools Threaten to Block Updates – Kindesk

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The Ethereum miners have now formed a kind of cartel to thwart the implementation of the controversial proposal – a star they say is unfairly cutting their bottom line.

Pool to eight etherium mines About 30% The network’s hash power has their support behind the tiny excavation pool flexpool Location Against Etherium Improvement Proposal (EIP) 1559.

Small pool – that Only 10 blocks have been excavated Among the 47 miners in December – Ethereum miners are now being called upon to jump off the ship from large mining pools that support updates such as Sparkpool (24% network hash power) and F2 pool (11%).

“Don’t become a slave to your mining pool. Blacklist pools that help their miners rob them so they can raise prices [ETH] For the rich speculators ”, read a Flexpool blog post.

About 400 miners have joined Flexpool since the blog post was published on January 14, CEO Alexander Sadovsky told Koindesk in a telegram.

EIP 1559

First proposed by Vitalic Butrin in April 2019, the plan to pay for sustainable mining slips through EIP 1559. Burning Most transaction fees are usually paid to minors to improve the volatility of transaction fees and the unfortunate user interface of blockchain. (Here’s one Short description Etherium developer from Tim Biko).

A blockchain analyst went on to call EIP 1559 “the biggest change since any blockchain post-release.”

Although the update has not been officially recognized for Mennet, EIP has strengthened Support Ethereum codebase can be forked some time between developers and after Berlin’s hard fork. These hard forks are usually lined up for February or March.

Escape fee

This is why Ethereum miners want EIP 1559 to never be implemented, or to be too late.

With the rise of decentralized finance (DFI), miners have become big winners due to the proliferation of on-chain activities. In fact, mining profits have reached a three-year high due to on-chain traffic congestion Transaction fees to record high In 2020, according to data collected by BitInfoCharts.

Not only that, Etherium Mining is an industry-scale business.

There are firms like China-based Linzhi The new ASIC Ethereum Miners began to roll out Improved over the last few years. A simple protocol change would push miners to the lesser-known Ethas coin – a potential waste that is a waste of R&D money. Sadowski said in a telegram that other Athas coins were “really unprofitable,” not to mention.

Associated with Ether (ETH) Breaking his all-time highs On Tuesday, it was easy to see why the miners were struggling with teeth and nails to keep the printing press going.

Larger etherium mining pools responded

Only time will tell whether the big mining pools will respond to Flexpool’s coalition operation. The three largest mining pools – Bitfly, F2 Pool and Sparkpool – are either anti-EIP 1559 or neutral, according to Kindesk Search.

Beatfly has long been opposed to this proposal. It has restored her Location In a tweet, the EIP commented that it could “jeopardize the future of Etherium.”

F2 pool director Da Liang told Kindesk in a telegram message that it was “neutral at this stage and not ready to make any official announcement,” regardless of earlier. Tweets A pro-EIP from Chun Wang, co-founder of F2 Pool, hints at 1559 locations.

Looks like the influential Etherium Mining Pool Sparkpool EIP is coming back to its former position. In June, Sparkpool CEO Jean Xu told Koynadesk that a “better fee model design was needed” and that the pool had long been a supporter of EIP 1559.

It may not be as Sparkpool Telegram admin “CZ” Dr. No Sparkpool employee has given an official position on the matter. He added: “Of course, the mining pool (sic) always opposes 1559” The pool also had an official Twitter chat. Promoted An article against the January 20 EIP

Sparkpool has not yet responded to a request for comment.

Which way, Ethereum man?

Dissenting Etherium Miners needs to get at least 51% of the network hash to implement the Nix of EIP 1559.

Here – in a highly promising scenario – an influential anti-EIP 1559 mining cartel will be able to censor mine implementers who have implemented the update. Any block complying with the new set of rules, including EIP 1559, will refrain from processing.

The private project manager of EIP 1559, Biko Koindesk, said that it is unlikely to come to this stage, especially because of the early stages in the development of EIP 1559.

Beko told Koindesk in an email that “there are things to note about how the deployment process is in early 1559,” Beko told Koindesk. “Yes, this has been working for a while (mostly because of how big a change it was and how much research and development had to be done), but it hasn’t been scheduled for any major upgrades yet.”

Beko added that EIP could be avoided among Etherium Core developers for multiple reasons, including the sensory issue.

“I’m obviously biased here, where I think shipping is probably the best way forward, but that’s not my call in the end. The people who worked in 1559 did the best job it could to make it an interesting case to the community, ”Beko said.

Sadowski told Koindesk that he hoped Ethereum developers would offer some concessions to miners because of the increased public response in the mining community. He said Ethereum developers would not completely ignore the minerals, saying “Ethereum cares about their reputation.”

Charles Spears, VP of Strategy at Etherium Mining Firm American BitPower, told Koindesk in a telephone interview that “the response from the Eth Dev group, the non-minor community, was highly receptive and often hostile.”

“There’s a story that miners are making a lot of money and yes, the time is great now but GPU miners have been putting it on their chin there for years, which we don’t think anyone notices,” he said.

Developers respond

Minerals, on the other hand, serve the etherium network in no other way. The idea is that there will be a mining market as long as it is profitable. Moreover, Ethereum Mining has always had an uncertain shelf life because Eth 2.0’s Proof-of-Steak (POS) sens reduction process removes it altogether.

The recent lesson in decentralized governance also suggests where this fight could go: Proof of Work (ProgramPodW).

That failed operation was a multi-year effort to update Ethereum’s mining algorithm from Athas to the new Progpo. Despite the best efforts of the mining business, it failed to agree among the developers more than once. This has left a huge chunk of the etherium ecosystem that in some parts could raise the sentiment closer to EIP 1559.

So, what powers do miners have? Not too much, unless they want to attack the Ethereum network itself, Ethereum developer Micah Zoltu wrote on January 20th. Blog Post

“In a blogger post, he explained,” Any censorship attack by miners against the interests of users must result in very aggressive action against the miners of the original developers. There will probably be a rush to introduce evidence of retaliation that the original Davis could execute, which would completely remove all minerals / mining from Etherium. “

So maybe we’ll get Eth 2.0 faster than we expected?

Probably not, Beiko said, would be a huge expense on the mining parties to keep up with the update.

“It’s easy [miners] They’re against change and it’s really expensive for them to follow things like cartel formation, “he said.



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