Two of the three largest mining pools have recently publicly announced their stance on a proposal to improve Ethereum EIP-1559, writes The Block. This proposal provides for the burning of most of the commissions, instead of completely giving them to miners, as it is now.
F2Pool, the third largest pool with 11% hashrate, came out in support of the proposal.
“Today, the community as a whole, along with the developers, is leaning towards the development of Ethereum through the inclusion of EIP-1559. It is important to be in the same position with users and key developers, “- wrote the representatives of the pool in the blog.
The day before, the largest pool, Sparkpool, with 24% hashrate, said it was opposed to the proposal. He indicated the same position earlier this month.
“This is the tyranny of the majority for the sake of improving the user experience that won’t really happen. They want to rob us. Why do we like Ether and BTC? Because they perfectly give us ownership. EIP-1559 will destroy this. We are saddened that so many people now only care about prices, ”Sparkpool said on February 5.
EIP-1559 was proposed by the project co-founder Vitalik Buterin and today is one of the most anticipated updates to the second largest cryptocurrency. The EIP-1559 is supposed to make the Ethereum network safer and the fees will not fluctuate as much. According to the roadmap, EIP-1559 will be activated within three to six months. As expected, many miners do not want to lose a significant portion of their income. Since the beginning of February, they have earned over $ 600 million on commissions.
In January, Bitfly, which owns the second largest Ethermine pool with a 20% hash rate, also opposed EIP-1559 “in its current form” as it said it “threatens the future of Ethereum.” Bitfly is supported by a number of smaller pools. With the accession of Sparkpool, the share of EIP-1559 opponents in the Ethereum hash has exceeded 50%. The update is still in the preparatory stage, so pools have the opportunity to vote on one option or another.
F2Pool believes that the likelihood of EIP-1559 approval is already reflected in the current Ether price. Failure to launch the update will negatively impact the price of ETH in the short term, they said. This, in turn, will trigger a chain of events that will lead to an outflow of capital from the market, and ultimately miners themselves will suffer.
At the same time, Trustnodes says that during a recent conference call, miners were overwhelmingly positive about EIP-1559. A Flexpool spokesman said they surveyed their miners and 55.33% were in favor.
“Initially, our miners were very upset. We talked with other miners, with developers and are ready to say that we do not mind EIP-1559, as it really brings several improvements for the Ethereum network, ”he said.
Mining hardware company Innosilicon said that “miners will continue to support Ethereum regardless of the decision.” Trustnodes, based on this call, concludes that the update is likely to be launched.
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