According to the information provided by All Core Developers, in July this year, EIP 1559 will be added to the London hard fork Ethereum. Most of the miners are not satisfied with this solution.
What does EIP 1559 involve?
Changes related to the introduction Ethereum Improvement Proposal (EIP) 1559 will be one of the most important actions ever taken within Ethereum.
The London update is expected to cover at least five other EIPs. The EIP 1995 will have a significant impact on transactions based on the blockcha toand ultimately solve many problems of Ethereum users.
Currently, in order for the transaction to be included in the block, they send the gas fee directly to the miner. After the changes are made, the fee will be sent to the grid as "incineration", and miners will only be paid a certain percentage. The combustion fee is determined algorithmically, which is to make it easier for users to pay the appropriate fee.
The entry into force of the EIP 1559 update has gained a lot of support from both the developers of Ethereum applications and the users themselves, who find it difficult to choose the appropriate transaction fee. However, this solution did not meet with the approval of miners and mining pools. The mining of Ethereum has been making substantial profits recently. In February this year alone, mining revenues exceeded $ 1,3 billion, with nearly half of that amount coming from fees alone. As a result of the increase in ether prices, as well as transaction fees, a new wave of computing power entered the network, which turned out to be more than twice as large as last year.
Flexpool counteroffensive and MEV alternative
Flexpool, a minority mining pool, launched an overt marketing campaign against the EIP. He was supported by several other minority groups as well as majority pools such as Ethermin and SparkPool. In total, more than 60 percent. of all the computing power of Ethereum defies the update planned for July. In turn, the Ethereum developers took measures that increased the difficulty of mining in the network.
At the same time, a new replacement for revenues for mining networks is gaining popularity - the value extracted by miners (MEV). It is a solution often used on the ground of DeFi, and many Ethereum mining pools are implementing it in order to gain a new source of income.