- Ethereum recently announced their newer upgrade in the market, which is going to come into existing this summer, in around July
- The upgrade requires the burning of all the existing ether coins, and this has violently angered all the Ethereum miners across the globe
- The Ethereum miners have taken to demonstrations and strikes to show their resentment and opposition against this new change
Many crypto miners are hugely offended by the news of the destruction of ether coins due to a new upgrade of ether planned to be introduced in the market. It is unknown that mining crypto is a tedious task and requires a huge electricity amount. Because the minimum amount can be mined at a time, Ethereum miners turned to be very angry when this particular announcement was made. The miners have taken to going for strikes and demonstrations to oppose this upcoming up-gradation wherein previous ether coins would be destroyed.
Impact of the upgrade coming into action
The blockchain developers signed a major network change in Ethereum on Friday. This blockchain basically runs the currency of ether in the market from user to user. With its rival, Bitcoin surging greatly, this step was taken to compete with its rivals and make a mark in BTC’s auction system. In this auction, users will be sending their miners tokens to pay to complete transactions. This particular change is known as EIP-1559; based on this change, the blockchain users will be sending basic transaction fees to the networks, which would, in turn, destroy the old, remaining tokens of ether. This particular burning procedure would lead to a reduction in the number of circulating tokens. They have announced that in July, most probably, these changes would be put into action.
Resentment of the Ethereum miners
This particular overhaul has angered loads of Ethereum miners of the ether’s currency as it would lead to a slash in their fees. A group of major miners, Sharkpool, has opposed this upgrade using their Twitter handles. The post on Twitter said that the announced new changes prove to be completely disgusting and should not be put into action. Many of the miners have joined hands for a rally to support the opposition against Ethereum, in which they are strongly showing their unacceptance towards the new changes. To make a mark, they have started to redirect all their mining powers to Ethermine.org, basically for 51 hours, a pool of miners, on April 1.
We are sorry that this post was not useful for you!
Let us improve this post!
Tell us how we can improve this post?