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