April Fool's Day joke or for real? ETH Overseas Miner Community Calls for Computing Power Demonstration to Resist EIP1559

Recently, some overseas Ethereum miners called on the community to gather computing power to demonstrate against EIP1559. They proposed to concentrate at least 51% of the Ethereum computing power in a mining pool on April 1, in order to show the strength of the miners themselves to the community and emphasize that EIP1559 is not no risk.

Previously, the EIP1559 proposal has been officially approved and will be implemented in the London upgrade in July. The proposal is expected to end the soaring gas fee of Ethereum, so it is a big positive for the market price of Ethereum.

However, the proposal may cause miners to lose some of their income, so it has met with fierce opposition from the miner community. At present, the mining pool that clearly supports this proposal is F2pool, while Spark Mining Pool and Ethermine have clearly expressed their opposition.

Last weekend, Twitter user Red Panda Mining issued an article calling on everyone to transfer their computing power to the Ethermine mining pool for 51 hours on April 1. This move is only for "educational purposes" and expresses their opposition to EIP1559. Many people in the comment area expressed their support for the user, but it is unclear how many people will take action.

YouTube blogger Michael Carter also posted a video saying: "On April 1st, many household and medium-sized miners will transfer their computing power to Ethermine.org for 51 hours of force/capability prediction."Michael Carter's mining tubing Channel Bits Be Trippin has 55,900 followers.

This was done to "prove that Ethereum core developers ignore the coordinated movement of hashpower (the risks posed), that they put so little effort into maintaining the Ethereum network, and that changing the Ethereum currency (fee) structure doesn't completely remove risk," Carter said.

It is worth noting that April 1st is April Fool's Day in Western culture, and the number 51 is unavoidably reminiscent of a 51% attack. But Carter emphasized that the move does not mean an attack on the network, and the miners have no intention of doing so. He said that currently any mining pool that intends to transfer computing power can "concentrate computing power" as long as it accounts for 20%.

According to Carter, the rapid decline in profits caused by EIP1559 could lead to incentive misalignment, with a cascade of effects that would subsequently reduce miners’ profits but increase attackers’. He said that this transfer of computing power is to prevent this situation and protect Ethereum and miners from possible risks and other risks.

The point, Carter said, is to say, "Hey, you guys feel like you're protected and you want to pay the least amount of money for security, and that starts with understanding how the cost will be distributed."

It is unclear how many ethereum miners will take part in the hashrate migration demonstration. Today’s well-known blockchain media, Wu Shuo Blockchain, reported that its domestic miner community survey showed that 71% of miners would not participate in this activity. The latest ETH2.0 integration solution released by Ethereum developer Mikhail Kalinin shows that the developer community is accelerating the transfer of Ethereum to PoS consensus. Many analysts believe that this proposal will stimulate the market price of Ethereum, so miners based on legal currency should not object.