April Fools' joke or real? ETH overseas miners call for hashrate demonstration to boycott EIP1559

Recently, some overseas Ethereum miners called on the community to pool computing power to boycott EIP1559. They proposed to concentrate at least 51% of the Ethereum computing power in one mining pool on April 1, in order to show the community the strength of the miners themselves and emphasize that EIP1559 is not risk-free.

Previously, the EIP1559 proposal has been officially passed and will be implemented in the London upgrade in July. The proposal is expected to end the surge in Ethereum gas fees, so it is a big boon to the Ethereum market price.

However, the proposal may cause miners to lose part of their income, so it has been fiercely opposed by the mining community. Currently, the mining pool that clearly supports the proposal is F2pool, while Spark Pool and Ethermine have clearly expressed their opposition.

Last weekend, Twitter user Red Panda Mining called on everyone to transfer computing power to the Ethermine mining pool for 51 hours on April 1st. This move was only for "educational purposes" and expressed opposition to EIP1559. Many people in the comment area expressed their support for the user, but it is not clear how many people will take action.

YouTube blogger Michael Carter also released a video saying: "On April 1, many home and medium-sized miners will transfer their computing power to Ethermine.org for a 51-hour force/capability forecast." Michael Carter's mining YouTube channel Bits Be Trippin has 55,900 followers.

The idea is to “prove that ethereum core developers ignored the coordinated movement of hashrate, that they put too little effort into maintaining the network, and that changing the ethereum currency structure would not completely eliminate the risk,” Carter said.

It is worth noting that April 1 is April Fools’ Day in Western culture, and the number 51 inevitably reminds people of 51% attacks. However, Carter emphasized that this move does not mean attacking the network, and miners have no intention of doing so. He said that any mining pool that intends to transfer computing power can "centralize computing power" as long as it accounts for 20%.

Carter believes that the rapid decline in profits caused by EIP1559 may lead to incentive misalignment, resulting in a series of effects that will subsequently reduce the benefits of miners but increase the benefits of attackers. He said that the transfer of computing power is to prevent this and protect Ethereum and miners from possible risks and other risks.

Carter said the idea is to say, "Hey, if you feel like you're protected and you want to pay the least amount for your security, you need to understand how the cost is allocated."

It is not clear how many Ethereum miners will participate in the hashrate migration demonstration. Today, the well-known blockchain media Wu said that the survey of its domestic miner community showed that 71% of miners would not participate in this activity. The latest ETH2.0 integration plan released by Ethereum developer Mikhail Kalinin shows that the developer community is accelerating the speed of Ethereum's transition to PoS consensus. Many analysts believe that the proposal will stimulate the market price of Ethereum, so miners who use fiat currency as the basis should not object.