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Home Markets Cryptos

Ethereum miners are now cashing in big time

Olumide Adesina by Olumide Adesina
August 12, 2020
in Cryptos
Ethereum,Ethereum Whales Cumulative Holdings Touch 10 Months High, ETH Passes $220, Ethereum wallets holding at least 0.1 ETH just crossed the 3 million mark for the first time
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In the second most valuable crypto market, ETH fees are on the rise, as revealed by data from Glassnode. This means that ETH miners are cashing in big-time since over 42% of the miner revenue is currently derived from fees.

#Ethereum fees continue to skyrocket: over 42% of the miner revenue is currently derived from fees (hourly chart, 24h MA).

Live chart: https://t.co/pkyLWihGP4 pic.twitter.com/b4V0YDp9Dq

— glassnode (@glassnode) August 11, 2020

In addition, information obtained from BitInfoCharts revealed that the median Ethereum transaction fees generated are almost at their second-highest level ever. A mid-2018 surge saw ETH transaction fees peak at around $0.912. Yesterday, it hit the $0.879 mark.

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Popular crypto trader, Joel Kruger, expressed his shock at the staggering fees that many are suddenly being asked to pay on the Ethereum network.

READ MORE: Google building its own debit card

#Eth transactions fees right now. 😬

— J O E L (@JoelKruger) August 11, 2020

Is mining Ethereum still worth it?

When it comes to most crypto assets, mining difficulty and costs related to it are only going upwards. However, as ETH mining becomes more difficult based on more miners joining the process, it is expected that cost will move upward, as more computing power, software, and electricity are needed. But ETH’s value in recent months has gained exponentially and will most likely continue to do so, thus making mining potentially profitable in the long term.

Quick fact: Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without fraud, interruption, control or interference from a third party.

READ MORE: Crypto exchanges with most valuable crypto-assets in the world 

Like with many other crypto assets, speculating with Ethereum can be highly profitable and has had a good history of giving its investors huge returns. However, there are also many other options to make income from Ethereum. These options include Ethereum mining, Ethereum faucets, and Ethereum staking.


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Tags: BitInfoChartsBusiness Newscrypto assetsCryptocurrencyCryptocurrency NewsETHEthereumEthereum miningEthereum stakingGlassnode
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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  1. Ikechukwu okeke says:
    August 13, 2020 at 6:08 pm

    Mentor me

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