Ethereum Miners Propose EIP-3368 Update
Main page News, Ethereum

The miners of Ethereum, the second largest cryptocurrency on the market, have just presented the EIP-3368 update.

According to it, the reward given to miners for mining a block would increase to 3 ETH, and would be reduced to 1 ETH within about 2 years after the implementation of burning a portion of transaction fees in the London hard fork.

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The crypto miners believe the EIP-3368 update will greatly reduce the adverse effect of the reduction in miners' profits, as it would give them enough time to sell their mining devices, while making it impossible for bad actors to carry out 51% attacks on the network.

The proposal has not yet been accepted or integrated into any future hard forks.

The aim of the update is to end the divisions between the community and opponents of the EIP-1559 update. If it is eventually implemented, the EIP-3368 update would pave the way for the transition to the new proof-of-stake consensus algorithm.

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