I am in favor of this EIP or something similar being included with EIP 1559 (assuming there are no technical issues… Unlike Ameen, I am not a core dev)
There seems to be a lot of good ideas in this thread about other mitigations that could be included, i hope there can be a simple fix to address this issue:
Current average block reward to miners is ~ 4ETH, and who knows it might even go up from here. After EIP 1559, miners will get 2 ETH. A sudden ~50% drop in mining rewards sounds like an unnecessary risk.
A sudden change in this complex network can have many unintended consequences. One potential consequence in suddenly dropping the mining rewards is mentioned here… but there are likely others that we are not predicting.
There has never been a drop in mining rewards this large. the first reduction was 40%, from 5 ETH to 3 ETH, then 2 years ago there was a drop in mining rewards of 33% 3 ETH to 2 ETH… there have been no issues… but also this is a ~50% drop and there was a lot less at stake in the past and there was a less of a complex network of hashrate markets.
Why take such a risk?
I don’t want to pretend to be an expert on either side, but there has got to be a way to include EIP 1559 while also reducing the miner rewards in a more gradual way than just a 50% drop and we hope nothing goes wrong. This seems like a solid simple solution.