Lately, ETH miners have been experiencing a plunge in revenue. Data from Santiment Research revealed that Ethereum transaction fees dropped by almost 80% from their all-time high today, thereby providing an opportunity for cheaper on-chain operations.
#Ethereum transaction fees (in $USD) dropped almost 80% from their all-time high today. This brings them back to levels last seen in mid-July. This is a nice opportunity for significantly cheaper on-chain operations today. https://t.co/JQ8nCzHCyi pic.twitter.com/GMeFfXqdSv
— Santiment (@santimentfeed) August 21, 2020
What this means
Ethereum transaction fees are calculated in Gas and used in paying for ETH operations on its blockchain network. These don’t just include normal transactions, but also interactions with the decentralized application and smart contracts. Fees going down means that using Ethereum projects is becoming less expensive.
ETH miners have been cashing in averagely because ETH fees on its blockchain network have risen partly due to the rising interest on DeFi assets, which now have about $5 billion worth of digital assets in terms of value, up from less than $1 million earlier this year.
READ: Unknown ETH Whale moves $35 million dollars worth of Ethereum
Things you need to know about Ethereum
Ethereum is a cryptocurrency designed for decentralized applications and the deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party.
Ethereum is a decentralized system, fully independent, and is not under anybody’s authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing system around the world, which means it’s almost impossible for the crypto to go offline.
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