Without 51% attack Ethereum renews its historic top

By Simplify Crypto | Simplify Crypto | 3 Apr 2021

The proposed EIP-1559 update on the Ethereum (ETH) network that would reduce mining fee gains came along with the protest from the largest mining pools.

In early March, the main miners in the largest pools in the Ethereum network threatened to concentrate hash power and shut down the network for 51 hours.

The protest with a 51% attack had the momentary adhesion of several other pools and part of the miners, and so there was a risk of the attack happening on April 1.

Because of this, the network's developers proposed the EIP-3368 update, which would increase the reward per mined block to 3 ETHs.

This same reward would be reduced gradually over 2 years, returning to 1 ETH in this period of time.

Thus, the loss of miners with the implementation of EIP-1559 would be mitigated.

After the EIP-3368 proposal, most miners aborted the “51% attack operation”.

One of these withdrawals was announced on the Twitter account of one of the major miners and influencers who are adept at the protest, Red Panda Mining.

On March 13th he announced that “we have been heard. EIP-3368 is being proposed. ”

In the post, Red Panda announced that he was giving up supporting the protest and also advised others to do so as well.

And as it actually happened, few miners from the ETH network were eager to protest and nothing happened on April 1.

Bitnotícias Portal tried to talk to the protest organizer, CryptoMykel, but there was no response until the end of this edition.

And so, the crypto market that came from a price recovery almost 7 days ago on April 2 saw the cryptocurrency ETH break the old historic top at $ 2,042 dollars (exchange Binance).

At the time of this writing, ETH registered the top at $ 2,146 dollars.

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Simplify Crypto
Simplify Crypto

Trying to help people to understand the crypto world from the basic concepts to the crypto projects purpose. My articles are publish in Publish0x and Hive

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