If EIP-2878 is implemented, it would reduce the per-block rewards for Ethereum miners by 75%. However, this proposal has been rejected. According to community members, it seeks to guarantee investor profits, but forgets about the safety of the network.
The proposal was made on August 11 by John Lilic and Jerome de Tychey, Managing Director of ConsenSys and Global Director of Ledger, respectively. According to these developers, the proposal seeks to bring the inflation rate of Ethereum closer to that of Bitcoin.
It is important to note that these two specialists proposed this EIP at the Ethereum Magicians forum. This is a space where miners and developers share ideas and discuss the advantages and convenience of proposals related to the Ethereum Blockchain network.
Miners are not comfortable with Ethereum’s EIP-2878
According to Ethereum miners, specifically those who use GPUs and who, of course, also reject the proposal, there is a 51% risk of attack. They explain this by stating that the drop is so drastic, that it represents twice the percentage of the previous reduction.
The latest bounty reductions for the Ethereum miners have caused distress, leading to rejection of the new proposal. Thus, it has gone from a reward at ETH from 5 to 3, then from 3 to 2 and now, it would go from 2 to 0.5.
This, according to Time Beiko, quoted by CoinTelegraph, is trampling on the safety of the Blockchain. “In my opinion, the most important consideration should be the security of the network,” he said, pointing out that he must ensure that the probability of an attack of 51% is remote.
Ethereum miners reject the new proposal for a reduction of the reward per block.
EIP-2878 is rejected by the Ethereum miners, as it could mean the end of GPU mining in this crypt.
Explosive increase in Ethereum hashrate may boost Ether price
Probable start of the ASIC domain
As it is known, Ethereum is mined mainly with GPUs, ASICs exist, but not in a significant magnitude. However, with the new proposal, Ethereum miners fear that ASICs could take control of the mining network, and therefore widely reject the proposal.
Application Integreted Specific-Circuit (ASIC), are extremely cost-effective compared to GPUs. Therefore, this implies that any reduction in the per-block reward without modifications or algorithm changes, would take the GPUs out of the network at once, leaving the ASICs reigning as it does in Bitcoin.
Other analysts believe that Crypto Cash shouldn’t try to match Bitcoin’s inflation rate. They believe that if a digital currency represents something different, there’s no logical argument for trying to look like the one they’re trying to beat.