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Ethereum Miners Kick Against New Proposal With 75% Drop In Block Rewards

ETH

Ethereum miners have strongly criticized a new Ethereum Improvement Proposal (EIP), suggesting that the EIP is not in the best interest of the network. The EIP-2878 has been strongly kicked against by miners that have suggested that it is detrimental to the community in general.

The proposal seeks to cut Ethereum block rewards by a whopping 75%, reducing every 1 ETH block reward to a much smaller 0.25 ETH. The EIP proposal came in on the 11th of August by a few Ethereum stakeholders. Notable names include Consensys managing director John Lilic, and Ledger global head of client success Jerome de Tychey.

The proposal is currently available on the Ethereum Magicians forum and contains a very detailed explanation on what members of the community should expect, including miners and developers. People are encouraged to discuss the proposal to decide how much of a good idea it is.

The general idea of the new proposal is to tackle Ethereum’s inflation rate. The proposers believe that it could crash Ethereum’s inflation rate significantly, to almost rival that of Bitcoin. However, Ethereum miners believe that the EIP is a bad idea, and would focus more on investor interests, than the general security of the entire Ethereum network.

Apart from these warnings, GPU miners have revealed that the block reward would crash more than twice the percentage of the last network reduction. GPU miners strongly believe that this could make the network more susceptible to a 51% attack.

Image Credits: Pixabay

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