Lowering of increasing blockchain transaction fees, which could be as high as $60 USD per transaction, called ‘contract execution’ is currently a matter of concern for the Ethereum Foundation.
The proposed changes for the upcoming London hard fork, scheduled for July, will lead to short-term profit loss within the miner community. This is why the Ethereum Foundation, a non-profit, dedicated ecosystem of organizations and companies that support the Ethereum blockchain, is trying to de-escalate some miners’ attempts to display the “show of force” of a possible 51% attack on the network.
A sudden drop in mining rewards as the platform moves away from the proof of work (PoW) consensus algorithm could result in a steep drop in mining profitability and thus incentivize miners to “auction off” their hash rate to the highest bidders. If the amount of hardware that is made available becomes accessible to a hostile pool of miners, there is the potential for a 51% attack of the Ethereum network. After miners began coordinating their disapproval by creating the website to stop the proposed change the Foundation decided to add software updates that will help offset expected profit losses.
