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Ethereum developers have proposed to reduce the block mining reward by 75%. The initiative met with criticism from miners.
Proposal EIP-2878 published ConsenSys Managing Director John Lilik. The update is aimed at reducing ETH inflation and maintaining purchasing power.
The block reward on the Ethereum network decreased twice: from 5 to 3 ETH (-40%) and from 3 to 2 ETH (-33%). If a new proposal is introduced, it will drop to 0.5 ETH.
PegaSys Product Manager Tim Baiko considersthat such a radical innovation could jeopardize network security. In particular, he sees an increased risk of 51% attacks.
CEO Bit Capital Group Jimmy Thommes notedthat developers shouldn’t try to equalize Ethereum’s inflation with Bitcoin, since the BTC network is much older and performs different functions.
“It’s a shame when we are treated as a necessary evil, reducing payouts to the lowest possible level so that we can continue working long enough to upgrade to version 2.0,” he said.
Another user surethat any decrease in the block reward will force the miners using video cards to leave the network. This will put Ethereum under the full control of the ASIC, he said.
Recall that at the end of July, the income of ETH miners have grown by 60% per month with an increase in the price of cryptocurrency by 40%. The increase in income occurs against the background sharp increase the amount of commissions on the network.
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