Ethereum Miners Opposed Quadruple …
Ethereum miners oppose four-fold drop in block rewards
The Ethereum EIP-2878 improvement proposal has faced strong opposition from the cryptocurrency miner community. Its participants are confident that the authors are ready to sacrifice the security of the network in the interests of investors. Writes about it Cointelegraph.
According to the terms of EIP-2878, the amount of rewards for miners is proposed to be reduced by 75% from the current 2 ETH to 0.5 ETH. The authors – Managing Director of ConsenSys John Lilik and Head of Ledger Customer Support Jerome de Tychey – justified their proposal by striving to get closer to Bitcoin in terms of inflation and preserve the payment characteristics of ether..
Miners, primarily mining cryptocurrency on GPUs, noted that the proposed reduction in rewards significantly exceeds the previous one and will make the network vulnerable to 51% attacks.
“This is too drastic a change considering that before that we went from 5 to 3 (-40%), then from 3 to 2 (-33%), and now you are proposing from 2 to 0.5 (-75%) – said Tim Beiko, product manager for PegaSys. – The main issue should remain the security of the network (how will we ensure a low probability of an attack of 51%, how will we maintain diversification among miners, and so on) “.
Another user commented, “ASICs significantly outperform GPUs in terms of profitability. Any reduction in block rewards without changing the algorithm will lead to the GPU leaving the network, as a result of which the ASIC will receive full control over it “.
Bit Capital Group CEO Jimmy Thomms believes that Ethereum should not emulate Bitcoin in the context of inflation, since they have different purposes. “It’s sad to feel like you’re seen as a necessary evil who should be paid the lowest possible remuneration to keep you online long enough as we work towards the 2.0 transition,” he added..
At the same time, the majority does not object, in principle, to the reduction of rewards, since Ethereum, unlike bitcoin, does not have a built-in halving mechanism, and the emission is controlled through the EIP. Many have suggested lowering rewards to 1.5 or 1 ETH.
Developer Hudson Jameson stated that this is a relatively new proposal that does not yet have significant community support. Commentators also noted that it was not the best time for his nomination, since the transfer of part of Tether’s operations to the OMG Network will lead to a decrease in miners’ commission income..
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