Ethereum moves to pacify disgruntled miners with proposed EIP-3368
Following agitations from Ethereum miners to redirect hash power to an anti-1559 pool, developers have proposed an Ethereum Improvement Proposal (EIP) 3368, which aims to finally put an end to the worries of miners.
As reported by BTC PEERS, several miners of the Ethereum network expressed their displeasure over the upcoming gas-saving solution, EIP-1559. To prove the extent of their dissatisfaction, some miners decided to redirect their computational power to Ethermine for 51 hours, beginning on April 1.
To quell the rising tension, Ethereum devs are proposing EIP-3368. The proposal was shared by Tim Beiko on Twitter two days ago. Beiko dubbed the proposal a “miners counter-proposal.” Instead of rolling out a gas-saving solution that could potentially reduce the earnings of miners significantly, Beiko is proposing that block miners’ block reward is increased from 2 ETH to 3 ETH. This will then be gradually decreased over the next two years until it reaches 1 ETH per block.
Coming out of my twitter break to share this: miners' "counter proposal" to 1559 is EIP-3368, which would raise the block reward to 3 ETH and lower it to 1 ETH over ~2 years. @BitsBeTrippin should present it at the next AllCoreDevs. @EthMagicians thread: https://t.co/CLxc30AUPf
— Tim Beiko | timbeiko.eth (@TimBeiko) March 12, 2021
The team believes that the move will give miners enough time to sell their machines as the network transitions to a Proof-of-Stake algorithm. Furthermore, it would help lower the potential for a possible 51% attack.
Commenting on the issue, the team wrote:
This approach offers a higher level of confidence and published schedule of yield while allowing mining participants time to gracefully repurpose/sell their hardware. This greatly increases ethereum’s PoW security by keeping incentives aligned to ethereum and not being force projected to the highest bidder.
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