Vitalik Buterin Unfazed by Chinese Ethereum Miner Concerns

Ethereum co-founder Vitalik Buterin has spoken out on Chinese social media about threats from miners over the upcoming EIP-1559 upgrade.

Vitalik Buterin has been exercising some of his Chinese language skills on local social media platforms. It seems that miners are growing anxious over the approaching Ethereum EIP-1559 upgrade that could threaten their burgeoning revenue streams.

According to Chinese industry portal Wu Blockchain, Buterin is unfazed about the threat some miners have made over downing tools or a potential 51% attack. He reportedly stated that “we will all move to PoS [proof-of-stake] as soon as possible,” in response to questions about miner actions.

Translating the comments, the outlet stated;

“Vitalik said that the greater significance of EIP-1559 is that almost every exchange can be confirmed within 1-2 blocks. At present, the congestion of Ethereum is very serious, and the fees earned by miners have repeatedly hit record highs.”

Miner Discontent Mounting

Ethereum miners have been making record revenues as gas prices continue to soar to new all-time highs. Today marks another peak with the average transaction fee now hovering around $40 according to BitInfoCharts.

Earlier this month, BeInCrypto reported that Ethereum mining revenue hit its highest ever level with one day, notching up $3.74 million in a single hour.

With this under threat, miners could take action such as forking the chain after EIP-1559 is implemented. This would be similar to what happened with Ethereum Classic, the original version of the blockchain before The DAO hack.  

The EIP will change the way the current bidding system works for transactions and allow them to be dynamically generated. This should theoretically reduce the overall fees for the average user. It will also burn these fees which have to be paid in ETH, having a positive effect on long-term issuance and supply.

Those burnt fees are good news for Ethereum holders as the supply is reduced, but not for the miners that would have otherwise received them as payment for the “work.”

Ethereum EIP-1559 Drawing Closer

Ethereum’s future is proof-of-stake anyway, so miners should have come to terms with that inevitability by now. On the way there, however, EIP -1559 is likely to be launched with the London upgrade in July according to developers.

In a recent update on the situation, lead developer Tim Beiko said that large state testing is “99% done.” A developer call scheduled for March 5 will confirm whether the highly anticipated gas-saving proposals will be included in the upgrade.

Disclaimer


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Leave a Reply

Your email address will not be published. Required fields are marked *

bitcoin
Bitcoin (BTC) $ 37,414.00 4.56%
ethereum
Ethereum (ETH) $ 2,428.76 0.36%
tether
Tether (USDT) $ 1.01 0.13%
polkadot
Polkadot (DOT) $ 21.22 1.09%
cardano
Cardano (ADA) $ 1.48 0.54%
binance-coin
Binance Coin (BNB) $ 347.40 0.26%
xrp
XRP (XRP) $ 0.857856 2.34%
litecoin
Litecoin (LTC) $ 165.25 0.95%
chainlink
Chainlink (LINK) $ 22.10 0.16%
bitcoin-cash
Bitcoin Cash (BCH) $ 587.44 0.66%
stellar
Stellar (XLM) $ 0.333229 2.33%
usd-coin
USD Coin (USDC) $ 1.01 0.36%
dogecoin
Dogecoin (DOGE) $ 0.318835 0.94%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 37,437.00 4.07%
uniswap
Uniswap (UNI) $ 21.87 0.64%
aave
Aave (AAVE) $ 296.91 3.98%
cosmos
Cosmos (ATOM) $ 12.04 1.51%
monero
Monero (XMR) $ 253.92 1.94%
eos
EOS (EOS) $ 4.92 0.49%
bitcoin-sv
Bitcoin SV (BSV) $ 166.62 2.72%
tron
TRON (TRX) $ 0.069613 1.02%
nem
NEM (XEM) $ 0.162178 0.83%
iota
IOTA (MIOTA) $ 1.06 1.74%
vechain
VeChain (VET) $ 0.107538 0.84%
tezos
Tezos (XTZ) $ 3.20 0.39%
theta-token
Theta Network (THETA) $ 8.26 4.60%
havven
Synthetix Network Token (SNX) $ 8.69 0.91%
avalanche-2
Avalanche (AVAX) $ 14.53 7.63%
neo
NEO (NEO) $ 47.37 0.92%
terra-luna
Terra (LUNA) $ 5.79 0.73%
dash
Dash (DASH) $ 167.57 1.49%
huobi-token
Huobi Token (HT) $ 13.42 1.57%
okb
OKB (OKB) $ 13.53 1.33%
elrond-erd-2
Elrond (EGLD) $ 82.83 3.93%
crypto-com-chain
Crypto.com Coin (CRO) $ 0.118007 4.18%
the-graph
The Graph (GRT) $ 0.645307 5.67%
compound-ether
cETH (CETH) $ 48.78 0.69%
solana
Solana (SOL) $ 37.28 0.79%
maker
Maker (MKR) $ 3,033.99 2.16%
filecoin
Filecoin (FIL) $ 71.34 0.98%
cdai
cDAI (CDAI) $ 0.021573 0.16%
dai
Dai (DAI) $ 1.01 0.37%
ftx-token
FTX Token (FTT) $ 31.74 2.12%
celsius-degree-token
Celsius Network (CEL) $ 6.83 2.13%
sushi
Sushi (SUSHI) $ 8.29 1.02%
kusama
Kusama (KSM) $ 424.86 3.79%
compound-governance-token
Compound (COMP) $ 310.77 2.01%
zcash
Zcash (ZEC) $ 128.75 0.05%
ethereum-classic
Ethereum Classic (ETC) $ 56.53 1.20%
decred
Decred (DCR) $ 134.32 2.09%
binance-usd
Binance USD (BUSD) $ 1.01 0.40%
compound-usd-coin
cUSDC (CUSDC) $ 0.022129 0.01%
zilliqa
Zilliqa (ZIL) $ 0.100451 0.46%
uma
UMA (UMA) $ 11.54 0.26%
yearn-finance
yearn.finance (YFI) $ 37,202.00 0.38%
leo-token
LEO Token (LEO) $ 2.74 13.91%
pancakeswap-token
PancakeSwap (CAKE) $ 16.16 0.92%
waves
Waves (WAVES) $ 14.83 0.93%
near
Near (NEAR) $ 3.05 3.04%
amp-token
Amp (AMP) $ 0.057394 4.75%
0x
0x (ZRX) $ 0.858251 2.52%
huobi-btc
Huobi BTC (HBTC) $ 37,453.00 4.25%
algorand
Algorand (ALGO) $ 1.05 6.17%
digibyte
DigiByte (DGB) $ 0.055331 1.67%
icon
ICON (ICX) $ 0.914837 1.22%
hedera-hashgraph
Hedera Hashgraph (HBAR) $ 0.192276 1.20%
nexo
NEXO (NEXO) $ 1.94 2.04%
xsushi
xSUSHI (XSUSHI) $ 9.63 1.30%
ethos
Voyager Token (VGX) $ 2.36 5.17%
loopring
Loopring (LRC) $ 0.297657 0.33%
thorchain
THORChain (RUNE) $ 7.79 6.10%
ontology
Ontology (ONT) $ 0.910706 0.50%
renbtc
renBTC (RENBTC) $ 37,482.00 4.85%
nano
Nano (NANO) $ 6.41 2.35%
basic-attention-token
Basic Attention Token (BAT) $ 0.634784 0.46%
omisego
OMG Network (OMG) $ 4.74 0.12%
republic-protocol
REN (REN) $ 0.417429 2.38%
zencash
Horizen (ZEN) $ 81.58 0.05%
bittorrent-2
BitTorrent (BTT) $ 0.003469 0.88%
swissborg
SwissBorg (CHSB) $ 0.664689 3.74%
ravencoin
Ravencoin (RVN) $ 0.074364 4.69%
iostoken
IOST (IOST) $ 0.027701 2.26%
qtum
Qtum (QTUM) $ 8.84 1.37%
paxos-standard
Paxos Standard (PAX) $ 1.00 0.16%
venus
Venus (XVS) $ 24.20 4.18%
blockstack
Stacks (STX) $ 0.858699 1.51%
matic-network
Polygon (MATIC) $ 1.38 2.49%
curve-dao-token
Curve DAO Token (CRV) $ 2.18 2.47%
siacoin
Siacoin (SC) $ 0.015585 2.77%
quant-network
Quant (QNT) $ 55.29 4.89%
bancor
Bancor Network Token (BNT) $ 3.81 0.28%
reserve-rights-token
Reserve Rights Token (RSR) $ 0.028593 2.66%
fantom
Fantom (FTM) $ 0.260532 5.56%
mdex
Mdex (MDX) $ 1.94 0.99%
enjincoin
Enjin Coin (ENJ) $ 1.26 0.75%
energy-web-token
Energy Web Token (EWT) $ 7.80 1.39%
lisk
Lisk (LSK) $ 2.82 0.59%
ampleforth
Ampleforth (AMPL) $ 0.887110 6.36%
balancer
Balancer (BAL) $ 23.04 0.10%
terrausd
TerraUSD (UST) $ 1.01 0.20%
ocean-protocol
Ocean Protocol (OCEAN) $ 0.505936 3.76%
husd
HUSD (HUSD) $ 1.01 0.63%
nxm
Nexus Mutual (NXM) $ 92.99 0.67%
1inch
1inch (1INCH) $ 2.94 8.03%
bitcoin-gold
Bitcoin Gold (BTG) $ 58.18 0.19%
kyber-network
Kyber Network Crystal Legacy (KNCL) $ 1.70 1.03%
verge
Verge (XVG) $ 0.028918 8.42%
decentraland
Decentraland (MANA) $ 0.671512 0.43%
alpha-finance
Alpha Finance (ALPHA) $ 0.593259 0.48%
flow
Flow (FLOW) $ 11.85 0.61%
band-protocol
Band Protocol (BAND) $ 6.74 0.26%
status
Status (SNT) $ 0.070111 2.27%
dodo
DODO (DODO) $ 1.26 2.04%
bitcoin-cash-abc-2
Bitcoin Cash ABC (BCHA) $ 19.72 2.18%
compound-usdt
cUSDT (CUSDT) $ 0.021257 0.15%
xdce-crowd-sale
XDC Network (XDC) $ 0.050412 4.48%
staked-ether
Lido Staked Ether (STETH) $ 2,427.74 0.55%
arweave
Arweave (AR) $ 15.67 5.21%
polymath-network
Polymath Network (POLY) $ 0.216999 8.27%
safepal
SafePal (SFP) $ 0.978911 2.80%
true-usd
TrueUSD (TUSD) $ 1.00 0.16%
zkswap
ZKSwap (ZKS) $ 0.675681 2.84%
polkastarter
Polkastarter (POLS) $ 1.32 0.20%
ethlend
Aave [OLD] (LEND) $ 2.96 3.83%
helium
Helium (HNT) $ 12.79 0.18%
civic
Civic (CVC) $ 0.262326 1.02%
pundi-x
Pundi X [OLD] (NPXS) $ 0.001268 6.61%
kava
Kava.io (KAVA) $ 3.68 1.85%
golem
Golem (GLM) $ 0.277064 5.53%
harmony
Harmony (ONE) $ 0.079919 2.77%
nucypher
NuCypher (NU) $ 0.302447 4.79%
holotoken
Holo (HOT) $ 0.007626 2.00%
nusd
sUSD (SUSD) $ 1.01 0.28%
electroneum
Electroneum (ETN) $ 0.007522 2.69%
nervos-network
Nervos Network (CKB) $ 0.018375 2.25%
derivadao
DerivaDAO (DDX) $ 2.17 9.82%
district0x
district0x (DNT) $ 0.144057 0.45%
bitcoin-diamond
Bitcoin Diamond (BCD) $ 2.86 2.65%
trust-wallet-token
Trust Wallet Token (TWT) $ 0.361608 1.21%
rif-token
RSK Infrastructure Framework (RIF) $ 0.182659 1.47%
swipe
Swipe (SXP) $ 1.85 6.96%
gnosis
Gnosis (GNO) $ 174.22 1.71%
numeraire
Numeraire (NMR) $ 38.11 2.11%
rook
KeeperDAO (ROOK) $ 159.23 8.01%
kucoin-shares
KuCoin Token (KCS) $ 8.34 3.68%
btc-standard-hashrate-token
BTC Standard Hashrate Token (BTCST) $ 27.54 2.19%
aragon
Aragon (ANT) $ 4.41 0.80%
fetch-ai
Fetch.ai (FET) $ 0.272982 3.90%
litentry
Litentry (LIT) $ 3.28 1.81%
funfair
FUNToken (FUN) $ 0.020737 2.04%
chiliz
Chiliz (CHZ) $ 0.277689 2.70%
seth
sETH (SETH) $ 2,433.85 0.07%
oasis-network
Oasis Network (ROSE) $ 0.068433 1.59%
injective-protocol
Injective Protocol (INJ) $ 7.75 0.46%
vethor-token
VeThor Token (VTHO) $ 0.007884 3.38%
saffron-finance
saffron.finance (SFI) $ 418.74 1.31%
augur
Augur (REP) $ 18.32 2.11%
the-sandbox
The Sandbox (SAND) $ 0.269831 1.07%
singularitynet
SingularityNET (AGIX) $ 0.195565 5.68%
secret
Secret (SCRT) $ 1.33 0.27%
telcoin
Telcoin (TEL) $ 0.030295 2.69%
serum
Serum (SRM) $ 3.82 3.99%
gatechain-token
GateToken (GT) $ 3.93 1.94%
mainframe
Hifi Finance (MFT) $ 0.008551 3.14%
sbtc
sBTC (SBTC) $ 37,655.00 4.41%
compound-uniswap
cUNI (CUNI) $ 0.441000 0.63%
ardor
Ardor (ARDR) $ 0.166308 3.24%
vai
Vai (VAI) $ 0.899188 0.70%
utrust
UTRUST (UTK) $ 0.302235 3.98%
prometeus
Prometeus (PROM) $ 13.69 5.21%
reddcoin
Reddcoin (RDD) $ 0.002972 7.34%
monacoin
MonaCoin (MONA) $ 1.89 3.69%
noia-network
Syntropy (NOIA) $ 0.195857 1.13%
compound-0x
c0x (CZRX) $ 0.017615 2.44%
wink
WINkLink (WIN) $ 0.000440 1.55%
ankr
Ankr (ANKR) $ 0.085202 0.20%
bytom
Bytom (BTM) $ 0.076458 1.79%
rocket-pool
Rocket Pool (RPL) $ 11.10 5.23%
origintrail
OriginTrail (TRAC) $ 0.318501 0.32%
steem
Steem (STEEM) $ 0.432922 9.29%
maidsafecoin
MaidSafeCoin (MAID) $ 0.712813 3.80%
tomochain
TomoChain (TOMO) $ 1.53 3.62%
edgeware
Edgeware (EDG) $ 0.009770 2.32%
skale
SKALE (SKL) $ 0.295353 0.64%
stratis
Stratis (STRAX) $ 1.29 1.54%
hegic
Hegic (HEGIC) $ 0.102928 2.79%
komodo
Komodo (KMD) $ 1.13 3.25%
bitshares
BitShares (BTS) $ 0.048116 0.12%
unibright
Unibright (UBT) $ 1.06 4.97%
coinmetro
CoinMetro (XCM) $ 0.375812 6.54%
ark
Ark (ARK) $ 1.07 1.82%
mirror-protocol
Mirror Protocol (MIR) $ 3.71 0.50%
keep-network
Keep Network (KEEP) $ 0.426397 6.99%
neutrino
Neutrino USD (USDN) $ 1.01 0.40%
iexec-rlc
iExec RLC (RLC) $ 3.38 0.15%
harvest-finance
Harvest Finance (FARM) $ 57.23 3.32%
iotex
IoTeX (IOTX) $ 0.022807 0.85%
badger-dao
Badger DAO (BADGER) $ 12.61 1.41%
redfox-labs-2
RedFOX Labs (RFOX) $ 0.071562 1.52%
empty-set-dollar
Empty Set Dollar (ESD) $ 0.057395 4.71%
ultra
Ultra (UOS) $ 0.370490 1.06%
wanchain
Wanchain (WAN) $ 0.726620 1.32%
iris-network
IRISnet (IRIS) $ 0.079069 1.98%
perpetual-protocol
Perpetual Protocol (PERP) $ 8.17 5.73%
trustswap
Trustswap (SWAP) $ 0.987795 1.04%
tokenlon
Tokenlon (LON) $ 3.64 2.91%
orion-protocol
Orion Protocol (ORN) $ 7.21 3.16%
titanswap
TitanSwap (TITAN) $ 4.14 4.02%
tether-gold
Tether Gold (XAUT) $ 1,876.84 0.35%
wax
WAX (WAXP) $ 0.129111 5.03%
yfii-finance
DFI.money (YFII) $ 1,796.30 6.08%
aelf
aelf (ELF) $ 0.206063 2.00%
haven
Haven (XHV) $ 10.33 5.88%
pax-gold
PAX Gold (PAXG) $ 1,892.12 0.07%
defipulse-index
DeFiPulse Index (DPI) $ 309.32 3.24%
math
MATH (MATH) $ 1.39 0.87%
api3
API3 (API3) $ 3.23 20.04%
sora
Sora (XOR) $ 290.97 21.87%
dent
Dent (DENT) $ 0.003249 2.83%
loom-network
Loom Network (OLD) (LOOMOLD) $ 0.064292 10.98%
nftx
NFTX (NFTX) $ 54.03 0.42%
gala
Gala (GALA) $ 0.009417 2.18%
axie-infinity
Axie Infinity (AXS) $ 3.88 0.35%
beefy-finance
Beefy.Finance (BIFI) $ 1,139.61 2.23%
swingby
Swingby (SWINGBY) $ 0.105546 2.50%
parsiq
PARSIQ (PRQ) $ 0.681059 5.24%
akropolis
Akropolis (AKRO) $ 0.020650 0.94%
nest
Nest Protocol (NEST) $ 0.012016 6.68%
stakehound-staked-ether
StakeHound Staked Ether (STETH) $ 3,719.75 0.00%
akash-network
Akash Network (AKT) $ 3.05 2.71%
cream-2
Cream (CREAM) $ 165.89 20.12%
auto
Auto (AUTO) $ 1,053.16 0.63%
storj
Storj (STORJ) $ 0.923082 0.89%
e-radix
e-Radix (EXRD) $ 0.147657 4.33%
hive
Hive (HIVE) $ 0.358141 5.60%
chainx
ChainX (PCX) $ 6.56 10.60%
wrapped-nxm
Wrapped NXM (WNXM) $ 61.83 0.15%
hathor
Hathor (HTR) $ 0.453165 9.55%
gemini-dollar
Gemini Dollar (GUSD) $ 1.03 2.12%
frontier-token
Frontier (FRONT) $ 0.753632 1.91%
everid
Everest (ID) $ 0.372726 2.43%
lto-network
LTO Network (LTO) $ 0.248205 11.28%
power-ledger
Power Ledger (POWR) $ 0.202741 1.77%
livepeer
Livepeer (LPT) $ 26.62 3.21%
xdai-stake
xDAI Stake (STAKE) $ 9.52 26.06%
rari-governance-token
Rari Governance Token (RGT) $ 5.45 2.73%
cashaa
Cashaa (CAS) $ 0.028324 0.06%
energi
Energi (NRG) $ 1.95 2.73%
bytecoin
Bytecoin (BCN) $ 0.000458 1.82%
duckdaodime
DuckDaoDime (DDIM) $ 12.99 10.43%