• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Saturday, April 1, 2023
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

New Ethereum Fee Model Has Some Miners Crying Foul

8 October 2020
in Blockchain
Reading Time: 2 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT


Cryptohopper
ADVERTISEMENT

Ethereum miners are signaling their disapproval of a technical proposal advocated by top Ethereum developers, a new survey shows.

Eight of the nine mining projects partaking in a community survey on Ethereum Improvement Proposal (EIP) 1559 had a negative impression of the proposal, with seven of the nine saying they would refuse to implement the EIP if it were included in a future hard fork.

EIP 1559 swaps Ethereum’s current bid-based transaction market for a set fee, BASEFEE, with a small tip for miner compensation. The EIP gained steam over the summer months as the cost to send even a basic transaction broke $10 multiple times. 

The survey included 25 Ethereum projects, with most choosing to remain anonymous, Tim Beiko, ConsenSys product manager and survey implementor, said in the Medium post. The survey lacked participation from exchanges or wallets, according to Beiko.

Overall, positive and negative responses both garnered 42% of the vote, with the remainder being neutral or having no opinion.

First proposed in 2018 by Vitalik Buterin, among others, EIP 1559 is expected to make the blockchain’s fee market more predictable and relieve congestion.

What EIP 1559 does not do is promise lower transaction fees. Miners would still garner profits under the new model, but they would be restricted compared to the current setup as the BASEFEE would be burnt to the network. Doing so would add a deflationary mechanism to the Ethereum network’s native currency, ether (ETH).

Yet, Ethereum miners have the most to lose from the proposal becoming the new standard because transaction fees would be limited to a smaller range. It’s never been more lucrative to be a miner, with profitability hitting all-time highs throughout 2020, according to BitInfoCharts.

“It has been a very misleading EIP, and a majority of the supporters are some Twitter thought-leaders (sic) who believe it will moon the price. lol,” BitFly technical writer Butta said in a private message to CoinDesk. BitFly’s Ethermine is the second-largest Ethereum mining pool by hashrate, according to Etherscan.

Conversely, the largest Ethereum mining pool, Sparkpool, is in favor of the change, according to statements made to CoinDesk in June. Sparkpool did not return a request for comment by press time.

As of now, Ethereum developers are still kicking the tires on the EIP. They will not include it until after the Berlin hard fork, which has yet to be scheduled for execution after it was postponed in June.

Moreover, the survey and EIP 1559 developer call Thursday morning raised separate concerns over the EIP itself. While miners are worried about their pocketbooks, decentralized applications (dapps) worry about implementing the EIP, its effectiveness and changes to developer tooling. 

Some Ethereum clients such as Nethermind and Besu have begun implementing the EIP on testnets. But other clients, including Geth and OpenEthereum, are waiting for a finalized specification before releasing the EIP on testnet.



Source link

Related articles

Over 7,000 Players Successfully Converged in Yuga Labs’ Otherside Metaverse ‘Second Trip’

Over 7,000 Players Successfully Converged in Yuga Labs’ Otherside Metaverse ‘Second Trip’

31 March 2023
Crypto Market March Roundup: Bitcoin Rises Amid Banking Uncertainties, Macro Headwinds

Crypto Market March Roundup: Bitcoin Rises Amid Banking Uncertainties, Macro Headwinds

31 March 2023
[crypto-donation-box]
Tags: CryingEthereumFeeFoulMinersModel
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

Data Shows This Single Trump Tweet Marked the Local Bitcoin Bottom

Next Post

Market Wrap: Bitcoin Surges on Square News to $10.9K; December Ether Options Pile Up

Related Posts

Over 7,000 Players Successfully Converged in Yuga Labs’ Otherside Metaverse ‘Second Trip’

Over 7,000 Players Successfully Converged in Yuga Labs’ Otherside Metaverse ‘Second Trip’

31 March 2023
0

Voyagers’ outfits transformed into their assigned team colors, and players began to assemble into groups. Moments later, a wormhole to...

Crypto Market March Roundup: Bitcoin Rises Amid Banking Uncertainties, Macro Headwinds

Crypto Market March Roundup: Bitcoin Rises Amid Banking Uncertainties, Macro Headwinds

31 March 2023
0

Mask Network’s MASK token surged over 68%, becoming the top-performing token for the month. XRP rose 41%. Source link

Crypto Exchange Trader Joe Nears Launch of Upgraded Trading Engine

Crypto Exchange Trader Joe Nears Launch of Upgraded Trading Engine

31 March 2023
0

Liquidity Book V2.1 will make it more efficient for depositors to add tokens to Trader Joe’s liquidity pools and also...

Crypto Exchange Bittrex to Wind Down U.S. Operations Next Month

Crypto Exchange Bittrex to Wind Down U.S. Operations Next Month

31 March 2023
0

“It’s just not economically viable for us to continue to operate in the current U.S. regulatory and economic environment,” said...

Decentralized Liquidity Platform Synthetix Sees Jump in Fees Collected Amid Incentive Campaign

Decentralized Liquidity Platform Synthetix Sees Jump in Fees Collected Amid Incentive Campaign

31 March 2023
0

Synthetix generated more than $730K in fees on March 30 ahead of the start of its allocation of 200,000 OP...

Load More
Next Post

Market Wrap: Bitcoin Surges on Square News to $10.9K; December Ether Options Pile Up

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Categories

  • Altcoin
  • ApeCoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • HBAR
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • QNT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • Elon Musk Might Stop Promoting Dogecoin; Will Doge Take A Hit?
  • What Hindenburg Research’s Takedown of Block Says About Money and Crime
  • Robinhood Highlights Cardano on List of Top Movers for Week

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2022 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$28,473.002.42%
  • ethereumEthereum(ETH)$1,826.671.57%
  • tetherTether(USDT)$1.000.00%
  • binancecoinBNB(BNB)$315.050.04%
  • usd-coinUSD Coin(USDC)$1.00-0.06%
  • rippleXRP(XRP)$0.51-4.80%
  • cardanoCardano(ADA)$0.3922631.59%
  • staked-etherLido Staked Ether(STETH)$1,820.371.15%
  • dogecoinDogecoin(DOGE)$0.0772913.83%
  • matic-networkPolygon(MATIC)$1.112.17%
  • solanaSolana(SOL)$21.043.37%
  • polkadotPolkadot(DOT)$6.280.73%
  • binance-usdBinance USD(BUSD)$1.000.02%
  • litecoinLitecoin(LTC)$93.556.06%
  • shiba-inuShiba Inu(SHIB)$0.0000112.30%
  • tronTRON(TRX)$0.0662671.90%
  • avalanche-2Avalanche(AVAX)$17.702.41%
  • daiDai(DAI)$1.000.04%
  • uniswapUniswap(UNI)$6.082.20%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$28,444.002.24%
  • chainlinkChainlink(LINK)$7.570.40%
  • ToncoinToncoin(TON)$2.267.86%
  • cosmosCosmos Hub(ATOM)$11.11-0.12%
  • leo-tokenLEO Token(LEO)$3.39-1.94%
  • stellarStellar(XLM)$0.1096460.10%
  • ethereum-classicEthereum Classic(ETC)$20.591.87%
  • moneroMonero(XMR)$157.090.50%
  • okbOKB(OKB)$41.941.23%
  • bitcoin-cashBitcoin Cash(BCH)$124.792.88%
  • filecoinFilecoin(FIL)$5.642.34%
  • hedera-hashgraphHedera(HBAR)$0.0717401.55%
  • lido-daoLido DAO(LDO)$2.433.25%
  • true-usdTrueUSD(TUSD)$1.00-0.03%
  • AptosAptos(APT)$11.25-0.23%
  • quant-networkQuant(QNT)$124.42-0.34%
  • crypto-com-chainCronos(CRO)$0.0691631.84%
  • nearNEAR Protocol(NEAR)$1.973.31%
  • ArbitrumArbitrum(ARB)$1.34-1.54%
  • vechainVeChain(VET)$0.0232472.12%
  • algorandAlgorand(ALGO)$0.2235521.77%
  • apecoinApeCoin(APE)$4.213.55%
  • internet-computerInternet Computer(ICP)$5.131.42%
  • fantomFantom(FTM)$0.4712384.71%
  • eosEOS(EOS)$1.180.85%
  • the-graphThe Graph(GRT)$0.1437481.49%
  • blockstackStacks(STX)$0.90-0.13%
  • the-sandboxThe Sandbox(SAND)$0.621.86%
  • decentralandDecentraland(MANA)$0.593.12%
  • elrond-erd-2MultiversX(EGLD)$42.501.25%
  • theta-tokenTheta Network(THETA)$1.065.74%