I just wanted to make a post stating my disapproval for the upcoming EIP1559 proposal. For some of you that may not know, EIP-1559 is an Ethereum Improvement Proposal targeted to decrease network fees by implementing some changes to the fee market, primarily by increasing block sizes.
Meaning miners will have a massively decreased profit margin if this goes through. There’s a website set up displaying the mining pools against or supporting the EIP. Unfortunately Hiveon currently on that list of supporters. Now the list of supporters doesn’t mean they actually support the EIP but rather have yet to state their position on the matter.
www.stopeip1559.org is the site you can find which pools are supporting the EIP.
I’m calling out to all ETH miners to stand up and voice their concerns to the pool operators on supporting this EIP and the potential consequences afterwards has to will leave many miners no other choice but to move pools/coins.
Please, everyone, get out there and voice your concerns on this potential disaster for us ETH miners. Help us keep the network secure and be paid for our efforts.
EDIT: HiveOS/Hiveon has gone ahead with their announcement showing their nonsupport on the upcoming EIP. Big shout out and thank you to the HiveOS team!
Thank you for posting this! I agree this is very important for us as a community to take a stance as this affects all of us. I would love to see Hiveon officially take a stance against EIP1559 and join the growing group of opposing pools on the list.
First of all I don’t agree it will for sure reduct income.
not whole transaction fee will be burn - only base. It may of course adjust (increase / decrease) in time, but still it will happen that someone would pay more for transaction.
in short term it may reduce ETH reward, but in long term IMO it will increase USD reward. If you know what I mean.
even without whole transaction fee at current ETH price rewards are mad… and outperformance all other coins
one more thing to consider - there are 2 outcomes of situation where miners gets almost 10x from mining. Lot of new miners / price dump. Some short term reduction in mining reward is good IMO.
In general this EIP is very good for ETH project.
Note: I’m in ETH for long term, I’m not selling mined coins. Therefore I think this EIP may be possitive for me.
However I understand why people are mad at this. They saw large increase of rewards in last months and they bought devices and now they are complaing becouse of wrong investition.
To all of you in that situation - you need to remember investion is strongly related to risk.
I think ETH has to do something to improve project as opponents are not sleeping If you are ETH HODLer you should support this EIP.
If you are ETH HODLer you should support this EIP.