The operator of the Ethermine mining pool, Bitfly, has launched in beta software to implement the Maximal Extracted Value (MEV) arbitrage strategy. It assumes compensation to miners after activating EIP-1559.
MEV automates the sequence of transactions on the blockchain-based on potential arbitrage opportunities. In the last 24 hours, profit could have amounted to $ 3.8 million, according to MEV-Explore.
Ethermine estimates that mining revenues will increase by 1-10% due to the initiative. Bitfly will distribute 80% of this value together with the reward for the found block. 5% will go to support the ecosystem through @gitcoin grants, the rest - to develop the MEV strategy.
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Earlier, beta testing of MEV was announced in another mining pool - Flexpool.
EIP-1559 aims to replace the existing bid-based fee market with a fixed price and incineration mechanism. The offer will be part of the London hard fork planned for July. In February, the share of commissions received amounted to 52.9% of the total revenue of miners, which reached a record $ 1.36 billion.
Ethermine, which accounts for 20% of Ethereum's hash rate, initiated a campaign against EIP-1559. The operator confirmed its unchanged position, citing security concerns. The mining pool promised not to participate in "hostilities" against the network.