Ethereum miners are cashing in big-time. This feat is triggered by transaction costs on the Ethereum network recently reaching a new hourly record.
Data retrieved from Glassnode, a crypto analytics firm, revealed that ETH miners on the network earned a staggering $500,000 in just one hour as Ether (ETH) surge.
Presently, Ether is trading at about $480, gaining more than 8%.
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#Ethereum miners earned over $500,000 USD in transaction fees in the past hour.
That is a new record high for a single hour (anomalous transaction fees earlier this year excluded).
Chart: https://t.co/RZz5yMV44U pic.twitter.com/fmyD5zZSYs
— glassnode (@glassnode) September 1, 2020
This prevailing macro is sure positive for Ether miners whose turnover has increased by higher fees and more transactions. In fact, Ethereum’s network hash rate has been growing consistently, having reached a near two year high.
Santiment Research Company a crypto analytic firm, gave graphic insights on how ETH fees in U.S dollar terms, had broken all-time highs yet again. Fees have hit $5.68, dwarfing its previous ATH of $3.46 by a wide margin.
READ: Ethereum wallets holding at least 0.1 ETH just crossed the 3 million mark for the first time
$ETH fees (in $USD) have broken all-time highs yet again. Fees have hit $5.68, dwarfing its previous ATH of $3.46 by a wide margin. $USDT, $WETH, $LINK, $USDC, $YFV #Uniswap, #Curvefi, and $YFFI are among others on our tracked fee distribution leaderboard. https://t.co/qEjunIkQaL pic.twitter.com/fn2qxdYcp2
— Santiment (@santimentfeed) September 1, 2020
However, the Ethereum network has been having 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, but it is not the only network whose fees have been rising.
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Is mining Ethereum mining 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.
Nairametrics, however, believes 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.
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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.