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?
submitted by /u/Buggy3D
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