Some Ethereum miners are trying to drum upwards support for a sit-in of force to prove their opposition to the impending implementation of EIP-1559.

Amongst the properties of e'er-escalating Ethereum fees, the Ethereum Improvement Proposal seeks to supersede the network's existing bidding-based fee market with a stock-still price and burn mechanism.

However, EIP-1559 — which is scheduled to go live in July, will significantly bear on the revenue of miners. Some analysts estimating Ethereum miners could lose up to 50% of their profits.

To signal their opposition to the proposal, some Ether miners are now planning a 51-hour testify of strength for April 1. Miners intend to directly their hash charge per unit to the 1559-opposed pool, Ethermine, for 51 hours on April 1. Some apparently hope to harness more than 51% of hash rate.

If that were successful, the pool would command plenty mining power to make unilateral changes to the network's protocol.

In a video streamed live on March ix, popular YouTuber, "Bits Be Trippin'," discussed the planned hash-power redirect, describing the proposed motility as a benevolent "a show of force":

"Part of the risk brandish here is not to attack the network, it's to bear witness that force project is possible."

The YouTuber sought to placate concerns that Ethermine could the new-found hash power to attack the network, claiming "there's no incentive" for them to do so.

"What it is showing is that if you accept a misalignment of incentives, you tin can go the network into a position where a would-exist assailant could put a toll indicate out at that place, pay a lot more for that hashpower that just got kicked off, and now you have a state of affairs where you could have a double-spend or a block reorg," he said.

On March five, Cointelegraph reported that Ethereum's core developers announced EIP-1559 would be implemented in July. Many Ethereum proponents from outside of the mining sector historic the news.

Apart from keeping a lid on fees, office of the entreatment of the proposal is that it could end upwards lowering the Ether supply. Appearing on Tim Ferriss' podcast yesterday, Ethereum co-founder and EIP-1559 co-author, Vitalik Buterin, emphasize the proposal's burn mechanism could result in more Ether being destroyed than created — creating a bullish dynamic for Ethereum:

"If demand to use Ethereum is high enough, then in that location would actually be more ETH being destroyed than is being created. And so the joke that I would sometimes brand is, if Bitcoin knows if fixed supply is sound money, and then if y'all have a decreasing supply, does that make the states some ultrasound coin?"

Previous analysis has estimated that more than than i million Ether would have been burned betwixt October 2019 and Oct 2020 if EIP-1559 had been live at the fourth dimension — equating to roughly 1% of the crypto nugget'south circulating supply.