The EIP-1559 is a network upgrade that seeks to send a small fraction of the fee associated with all ETH transactions directly to the network. The tokens will be subsequently burned, thereby reducing the overall number of coins in circulation at any given point. As a result of the proposal, many expect Ethereum’s existing scalability issues and transaction fees to be largely mitigated.
Also, if EIP-1559 does go live, it stands to have a significant impact on the overall revenue of Ether miners. It is being said that as a result of the proposal, miner profits may drop by a whopping 50%, which partially explains why so many miners are against its implementation and have even advocated for a demonstrative network takeover, potentially threatening the security of the network.
What’s going on?
Buterin proposes a “band-aid” solution
Are the miners to blame?
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