A faction of miners are threatening to impede operations on the Ethereum network by diverting mining power. They are outraged that the new upgrade will significantly cut their income short.
While the industry anticipates the release of the Ethereum upgrade, a section of cryptosphere is clearly having none of it. A group of miners on the Ethereum network are infuriated by the planned upgrade.
The reason for their outrage is quite apparent. Ethereum network has suffered badly from network congestion and scalability issues recently. These have caused an astronomical rise in transaction fees. To checkmate these problems, the developers are working on an upgrade. The upgrade will significantly reduce the transaction fees, which usually go to miners.
The Ethereum Improvement Proposal (EIP-1559) has been on the cards since recent events show it is now within reach of actualization.
A section of miners has revolted and is threatening to boycott the network. Some have conspired to disrupt the Ethereum blockchain. They plan to channel their mining power to the Ethereum mining pool, ethereummine.org.
Prominent mining pool, SparkPool says it is against the upgrade, despite the overwhelming support from other mining communities.
Vitalik Buterin Remains Unfazed By Threats
Before the new reports, a group of Chinese miners had threatened a 51% attack on the blockchain. The threats raised concerns amongst community members, but Ethereum founder Vitalik Buterin remained unbothered.
When quizzed on the miners’ threats, he responded saying; “If some miners leave, new ones can come. If the miners attack 51%, we will all move to Proof-of-Stake as soon as possible.”
Miners on the network have had reasons to smile as transaction fees hit stratospheric prices. At some point last month, average fees on the network reached $40.
EIP-1559 Inches Closer
The widely touted upgrade is inching closer to reality. The developer team lead, Tim Beiko, said that the Ethereum “Berlin network protocol” will be deployed on the 14th of April.
The Berlin upgrade features several Ethereum Improvement Proposals, all geared towards enhancing the network.
The EIP-1559 is scheduled for release in July.