ETH Miners are definitely cashing in big time
Data retrieved from Glassnode revealed ETH miners earned a total of $113m from fees in August. In April this number was at only $3m – that’s a 38x increase, a 1.8x increase from the previous ATH in January 2018.
In comparison: BTC miners earned $39million in August, almost 3x less.
READ: Two Ethereum Whales move 53,455 ETH, as DeFi tokens gain popularity
#Ethereum transaction fees in perspective: Miners earned a total of $113M from fees in August.
In April this number was at only $3M – that's a 38x increase!
And a 1.8x increase from the previous ATH in Jan 2018.
In comparison: #BTC miners earned $39M in August, almost 3x less. pic.twitter.com/JVQGsSalrU
— glassnode (@glassnode) September 1, 2020
The average Ethereum miner revenue from fees has now surged to $800,000 per hour in the past 24 hours.
Average #Ethereum miner revenue from fees has surged to $800,000 per hour (!) in the past 24 hours.
Chart: https://t.co/BwMlpYKcb1 https://t.co/jnFCJ7Ti2w pic.twitter.com/uLxRgR7vVp
— glassnode (@glassnode) September 2, 2020
READ: Investors are now rushing into Ethereum, as gains surge by 262% in 4 months
Recalled that earlier on Wednesday, Nairametrics revealed how ETH miners on the Ethereum network earned a staggering $500,000 in just one hour as Ether (ETH) surged. This immediate differential in fees affirms the level of activity in the Ethereum network coupled with the rise of DeFi cryptos lately.
The Ethereum network in recent times has had constant issues with high transaction fees and congestion since the rise of DeFi tokens. Recently, the network increased the limit of maximum gas per block from 10,000,000 gases to 12,500,000 gases.
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However, Ethereum co-founder Vitalik Buterin recently advised crypto traders and investors on utilizing the layer-two technology in solving high transaction fees. He tweeted:
“To those replying with ‘gas fees are too high’, my answer to that is ‘well then more people should be accepting payments directly through zksync/loopring/OMG’. Seriously, scaling to 2500+ TPS for simple-payments applications is here, we just need to… use it”
To those replying with "gas fees are too high", my answer to that is "well then more people should be accepting payments directly through zksync/loopring/OMG". Seriously, scaling to 2500+ TPS for simple-payments applications is here, we just need to… use it. https://t.co/J2KMJyLKv6
— vitalik.eth (@VitalikButerin) September 1, 2020