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Ethereum miners opposed the reduction of the block reward

Ethereum miners opposed the reduction of the block reward

ConsenSys managing Director John Lilic and Ledger top Manager Jerome de Tychey have proposed reducing the reward for Ethereum miners by four times.

EIP-2878 robots offer to reduce the block mining reward by four times — from 2 ETH to 0.5 ETH. The purpose of this maneuver is to reduce the inflation rate of ether and bring it closer to the same indicator of bitcoin, as well as to preserve the purchasing power of ETH.

After the proposal appeared, miners, especially those who use video cards for mining ether, actively opposed it. They stressed that if EIP-2878 is approved, a large amount of power will be disconnected from the network, making it vulnerable to a 51% attack.

“This is too strong a change. Previously, we changed the size of the reward from 5 to 3 ETH (-40%), then from 3 to 2 ETH (-33%), and now it is proposed to reduce the reward immediately by 75%. The most important thing, in my opinion, is to ensure the security of the network, ” said PegaSys product Manager Time Beiko.

Bit Capital Gorup CEO Jimmy Thommes also opposed the proposal, saying that it is not worth trying to reduce inflation to the bitcoin inflation rate. After all, bitcoin is much older than Ethereum and when developing the first cryptocurrency, quite different goals were pursued.

Ethereum does not have a built-in mechanism for reducing the reward for a block, so the reduction of the reward must be negotiated by network participants. In fact, many do not mind reducing the reward for miners, but not so much. The majority suggested that the reward can be reduced to 1.5 ETH or 1 ETH, but not to 0.5 ETH.

Another user noted that THE usdt stablecoin was recently launched on a second-level OMG Network solution. In his opinion, this should reduce the number of transactions in the Ethereum network, and significantly reduce the profits of miners from transaction processing fees.