Safety of Ethereum at current prices + EIP-1559

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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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