Ethereum Miners Spam The Blockchain Making Small Transactions

By June 26, 2020Ethereum
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The Ethereum miners spam the entire blockchain by making small transactions which led to the network handling 1 million transactions in one day as we are reading more in the following ETH price news.

Ethereum miners spam the network by sending hundreds of small transactions and the pools might be doing that to harvest the mining rewards from the same transactions they sent but it seems that today’s congestion is not related to the past performance issues. The alleged spam campaign brought Ethereum’s daily transaction volume above 1 million transactions which were a high point not seen since early 2018. A few miners of a pool are responsible for these transactions. For example, Ethermine made more than 13,000 transactions in the past day. Sparkpool and Nanopool behaved in a similar manner. The average transaction fees were set at $0.75 as of June 24.

Source: EtherScan

Trustnodes speculates that most of the pools and miners are sending these transactions to obtain the rewards that came from mining them. Their behavior was supported by the fact that a few transactions were as small as 0.001 ETH suggesting that the real value is contained in the fee of the conducted transaction. Trustnodes also believes that there is a possibility that high transaction volumes are simply the result of the low payout threshold. The mining pools could be paying small miners some rewards for legitimate reasons by the platform maintains that today’s transaction volume is excessive or equal to two months of the network running at full speed.

Ethereum congestion

Ethereum’s congestion was an issue before for a different reason: high volume smart contracts because since March, the capacity of Ethereum was crushed by big projects such as Tether and scams such as PlusToken and MMM Token. Some of the mining spams today caused the smart contracts to cut back on the activity. As per the reports, PlusToken was unable to move the funds because of the volumes today. Congestion was an issue in 2019 as well. CryptoKitties blocked the entire ETH blockchain in 2017 while iFish token burdened the network in 2018. Multiple proposals were created to solve this problem including the meta transactions, staking, sharding, and gas fee tweaks.

Finally, there are many solutions but they are not implemented yet and it’s only a matter of time when the developers will choose the perfect one to solve the congestion problem.

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