15.6 C
October 2, 2022
Image default

A conspiracy in Ethereum? Miners are planning a 51% attack – the reason for EIP 1559 –

“It’s a show of strength. It’s showing that: hey, miners can get organized, says Michael Carter of Bits Be Trippin, the miners’ YouTube channel. All because of developer approval EIP 1559.

EIP 1559

This is due to rumors that some miners plan to concentrate 51% of the hashrate on Ethermine, the second largest Ethereum mining pool that has made a loud voice against the approved EIP1559.

Recall that EIP 1559 is primarily to solve some of the problems related to high fees for sending transactions in the Ethereum network. Ethereum Improvement Proposal 1559 aims to facilitate online transaction processing and modification of the network’s monetary policy economy. In practice, this means saving gas, burning the fees that ETH returns to the owners, not the miners.

“This is a call to arms on April 1, and many home and mid-size miners are moving the hashrate to Ethermine.org for 51 hours to show coordinated computing power traffic that was ignored by the Ethereum Core developers. Their efforts to pay as little as possible to secure the ethereum network are within the limits of the risk of introducing changes to the monetary structure (fees) of ethereum
Carter says.

Carter says developers, investors, and developers of decentralized applications are out of touch with reality. There must be a “compromise” in the network. Carter continues:

“This pool will not attack the network. They have no motivation for this. This shows that if you have a mismatched incentive structure, you can put the network in a situation where […] there may be double spending or block reorganization “.

So the miners apparently plan to facilitate a potential 51% attack on Ethereum. The only goal is to reach a compromise that will either kick out some miners or increase the block reward in opposition to the assumptions made by EIP-1559.

ETH developers meeting, March 2021

Barriers to attack

Many online miners have loudly opposed the protest directed at Vitalik Buterin’s proposal. Even if the protesters really wanted to attack 51%, they would have to take into account some barriers that could effectively prevent this practice.

The first line of defense would be a DDoS attack against the rapidly expanding mining pool. This is a preventive solution if it were to get close to 51% of the computing power of the network. Obviously, an act like a DDoS attack is illegal. However, in 2014, the forgotten pool (ghash?) won 51% of the Bitcoin network. Then the DDOS attack successfully limited further increases in the pool hashrate and gradually led to its collapse.

The final defense against the threat would be the acceleration of blockchain fusion in the Serenity update. Nobody wants this solution, however, for security reasons. Still, if the conflict flares up, there will be no alternative.

Related posts

BTC miners’ earnings reach a record! $ 4 million an hour –

Aparnna Hajirnis

Bitcoin Technical Analysis + BCH, LTC, ETH and XRP – Blocksats

Aparnna Hajirnis

Goldman Saschs investigates the use of blockchain in the financial sector |

Aparnna Hajirnis

Leave a Comment