Safety of Ethereum at current prices + EIP-1559 Message to the | Ethereum Live News

Safety of Ethereum at current prices + EIP-1559
Message to the mods:I don't wish this topic to be about mining or pricing, so I will keep it brief. I want this message to be about the security of Ethereum.As a miner, I noticed my profits drop some substantial 60% from the highs a few weeks ago, mainly due to the crash in current prices of Ethereum.With EIP-1559 + current prices, mining Ethereum will become unprofitable for me and 95% of other miners out there, given that I live in an area considered to be one of the cheapest electricity in the world (Canada, at only $USD 0.8/kwh).At current prices + EIP-1559, I think the majority of miners will likely flee the network, leaving it vulnerable to the dreaded 51% attack.For that reason, I moved my entire Eth holdings onto Eth 2.0 staking, as I consider that to be a safer blockchain for the time being (at least until prices recover).I think the Ethereum devs did not consider the effect on security EIP-1559 would have if it were to happen during a crash in the crypto market in general. What would the risks be if the network suddenly saw a mass exodus of miners from the network?@Ethereum @Telegram

Posted by Buggy3D
on Reddit.com (r/ethereum) May 24, 2021 at 05:53AM Thread Link: https://ift.tt/3vk2g8M