Minority Ethereum Mining Pools Threaten to Block Update – CoinDesk – Coindesk

Minority Ethereum Mining Pools Threaten to Block Update – CoinDesk – Coindesk

Ethereum miners have formed a cartel of sorts to thwart the implementation of a now contentious proposal – one they say cuts into their bottom line unfairly.

Eight Ethereum mining pools amounting to around 30% of the network’s hash power have cast their support behind tiny mining pool Flexpool’s stance against Ethereum Improvement Proposal (EIP) 1559.

The small pool – which only mined 10 blocks among 48 miners in December – is now calling on Ethereum miners to jump ship from major mining pools that support the update such as Sparkpool (24% network hash power) and F2Pool (11%).

“Don’t be a slave to your mining pool. Blacklist pools that support robbing their miners just so that they can inflate the price of [ETH] for rich speculators,” a Flexpool blog post reads. 

Since the blog post was published on Jan. 14, some 400 miners have joined Flexpool, CEO Alexander Sadovskyi told CoinDesk in a Telegram message.

EIP 1559

First proposed in April 2019 by Vitalik Buterin, EIP 1559 flips the traditional mining payment scheme on its head by burning most of the transaction fees typically given to miners in a bid to address transaction fee volatility and improve the blockchain’s woeful user interface. (Here’s a short description from Ethereum developer
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