EIP 1559 thoughts

Shorter thoughts and general discussion of cryptocurrency related topics
Forum rules
Purpose
This forum is complementary to Bitcoin Thoughts and is a a place to discuss shorter thoughts about bitcoins, altcoins, and cryptocurrencies.

Topics
Topics may include bitcoin prices, outlooks on altcoins, cryptocurrency development, economics, and more. Feel free to share outlooks on other things as long as the major focus is on cryptocurrencies. Announcement posts are prohibited in this forum; review the rules in the other Prohashing forums for the best place to post your announcement.
Post Reply
cadds
Posts: 3
Joined: Fri Jan 08, 2021 3:11 pm

EIP 1559 thoughts

Post by cadds » Tue Jan 19, 2021 8:17 am

I am just curious as to Proashing's thoughts on EIP 1559 that is being proposed for the next Ethereum upgrade?
Daniel
Posts: 6
Joined: Thu Apr 08, 2021 2:49 pm

Re: EIP 1559 thoughts

Post by Daniel » Thu Apr 08, 2021 4:58 pm

Did you hear that Ethereum mining pool Ethermine introduced software that could mollify miners upset by a coming steep cut in mining fees by allowing them to eke out a greater profit from each block mined? And what do you think about it - Will this software really work as promised, and maybe it's just another game and the desire to quell the dissatisfaction of miners ...?
User avatar
Banished_Privateer
Posts: 29
Joined: Wed Feb 10, 2021 6:49 am

Re: EIP 1559 thoughts

Post by Banished_Privateer » Mon Apr 12, 2021 6:36 pm

I was trying to find more information on how ETH development and new updates will affect mining but I couldn't find any solid information other than assumptions and speculations.
User avatar
Steve Sokolowski
Posts: 4311
Joined: Wed Aug 27, 2014 3:27 pm
Location: State College, PA

Re: EIP 1559 thoughts

Post by Steve Sokolowski » Tue Apr 13, 2021 6:59 am

Daniel wrote:
Thu Apr 08, 2021 4:58 pm
Did you hear that Ethereum mining pool Ethermine introduced software that could mollify miners upset by a coming steep cut in mining fees by allowing them to eke out a greater profit from each block mined? And what do you think about it - Will this software really work as promised, and maybe it's just another game and the desire to quell the dissatisfaction of miners ...?
There isn't any way to "eek out more profits" from each block mined when the network lowers the reward (or in this case, the fees.) If they said that, that's a scam, and that pool has been around long enough to be unlikely to be a scam.

Could you provide a URL for the page where this statement was made? This appears to be a "trivially provable" statement, and thus the post is subject to removal after 24h if no link is provided.
Dr Greg
Posts: 6
Joined: Fri Nov 29, 2019 5:43 pm

Re: EIP 1559 thoughts

Post by Dr Greg » Mon Apr 19, 2021 3:51 am

I think What the OP is one about is MEV
Miner Extracted rewards, a fair few pools are trying to set it up via various DAO groups.

2miners set up a similar deal and it kind of works,

Link below

https://2miners.com/blog/2miners-mev-st ... rcher-dao/

and

https://www.archerdao.io/

Seems to be a fairly straight forward thing to set up, how it works in the long run, Who Knows ?
Dr Greg
Posts: 6
Joined: Fri Nov 29, 2019 5:43 pm

Re: EIP 1559 thoughts

Post by Dr Greg » Mon Apr 19, 2021 4:00 am

Thought so,

Just checked Ethermine and its MEV, seems to still be in Beta but thats the fours pool that seems to have it going, twitter link below

https://twitter.com/etherchain_org/stat ... 4115566594
TheresaDyer
Posts: 1
Joined: Wed Apr 21, 2021 11:36 am

Re: EIP 1559 thoughts

Post by TheresaDyer » Wed Apr 21, 2021 11:38 am

Thx for information and link!
Post Reply