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Fees Bonanza: Ethereum Miners Pocket a Record $113 Million From Fees in August

Fees Bonanza: Ethereum Miners Pocket a Record $113 Million From Fees in August


Fees Bonanza: Ethereum Miners Pocket a Record $113 Million From Fees in August

Released at Wed, 02 Sep 2020 13:45:09 +0000
According to Etherscan, defi protocols such as Uniswap, which is developed on the Ethereum blockchain, is just one of a few with the maximum network utilization. Tether (USDT), Sushi Swap, and Yearn Finance (YFI) are the others.
“That is a 2x increase since the start of the year. And 40% higher than Bitcoin’s current blockchain growth rate — which is at an ATH (186MB each day),” it stated.
Fees Bonanza: Ethereum Miners Pocket a Record $113 Million From Fees in August
What do you think about the soaring Ethereum miners’ income? Let us know in the comments section below.
Fees have risen so high that on September 1, ETH miners made a record profit of over $500,000 in only one hour. At the time of writing, it cost about $6.57, on average, to send a trade over the Ethereum (ETH) blockchain. That compares with fees of only $0.09 in April.
To those responding with’gas fees are too large’, my reply to that is’well then more people should be accepting payments directly through zksync/loopring/OMG’. Ironically, scaling to 2500+ TPS for simple-payments software is here, we just need to… use it.

This is the maximum ether miners have earned from transaction fees . The previous all-time high of $64 million was reported in January 2018, said the crypto analytics firm.
However, in an earlier tweet, Glassnode observed that the Ethereum blockchain was growing at a rate of 260 megabytes each day — something which may not be so good for the network.

Ethereum miners are making a killing from transaction fees. In August alone, the miners raked in a total of $113 million in earnings, up more than 3,660percent in the $3 million earned in April, according to the latest data from Glassnode.

Meanwhile, by comparison, bitcoin (BTC) miners earned $39 million in transaction fees in August, nearly three less than Ethereum miners. Ether shot up more than 11% to $483 during the 24 hours to September 1, as per markets.Bitcoin.com data. The coin traded at just above $400 two days before.
Ethereum co-founder Vitalik Buterin says investors might need to use layer two technology to get around the dilemma of high transaction fees. He tweeted Tuesday:
Analysts blame the soaring trade costs on the continuing hype over the decentralized fund (Defi) distance, which has grown into a $9 billion industry in a matter of weeks.
As the ethereum community continues to show concern over steep fees, programmers have been testing technical solutions to reduce costs and improve efficiency, including a network upgrade dubbed Ethereum 2.0. But the project is still several months away from coming to fruition.

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