ETH bug reveals miners still using old version of ETH
Did you catch the news this week (Aug. 27th '21) about ETH miners being excluded from the ETH mainnet? Yes, you read that correctly, a consensus bug was found in the Geth version of ETH that caused the chain to split in two. 54% of the nodes were split from the mainnet, thankfully the bug was caught in time and nothing serious happened! No double spend happened nor a hardfork took place!
If you missed it ETH developers (aka Devs) urged people to avoid ANY ETH transactions. That is a powerful statement if you were not paying attention. Nodes running old version of Geth were barred from the mainnet. Which miners were behind of code updates? BTC.Com, Binance pools as well as some Flexpool. Tim Beiko of ETH said the recommended version is 1.10.8 should be deployed ASAP. Firms responded quickly by updating their miners and the problem was averted.
ETH price has been on a tear as of late up from $736 early in Jan to over $3100 at the time of this writing, no major price impact was seen. The fundamentals of ETH continue to get stronger, including that over 7M ETH 2.0 have already been staked and then you add in that ETH has already burned over 102K ETH since EIP 1599 was implemented (Transaction fee-burning)
Summary -it pays to stay informed (subscribe to updates about the coins/tokens you own. Keep in mind that this reinforces benefits of DeFi network (Nodes have to be in agreement with the miners who have to be in agreement with the Devs). It pays to stay vigilant on your firmware and code updates - this even applies to Cryto miners! Stay current and stay secure!
