Ethereum miners are most certainly smiling to the bank now. This reaction is triggered by transaction costs on the Ethereum network recently reaching a new hourly record.
What you must know: Data retrieved from Glassnode, a crypto analytics firm, revealed that ETH miners on the network earned a staggering $3.5 million in just one hour.
“Ethereum miners earned $3.5 million (!) in a single hour – the highest hourly revenue to date,” Glassnode tweeted.
READ: Ethereum miners earning more than their Bitcoin rivals
#Ethereum miners earned $3.5M (!) in a single hour – the highest hourly revenue to date.
Chart ? https://t.co/MYE72aEpgU pic.twitter.com/HHdWnMaEtK
— glassnode (@glassnode) February 5, 2021
READ: Bitcoin miners are super-rich, earn $1,000,000 per hour
- This prevailing macro is positive for Ether miners whose turnovers have been increased by higher fees and more transactions. In fact, Ethereum’s network hash rate has been growing consistently, having reached a record high.
- It’s also important to note that since Ethereum is decentralized in principle, its users must pay the transactional fees which aren’t cheap, and often rise when there’s a lot of activity on the Ethereum network.
READ: Ethereum whale transfers 169,296 Cryptos
What you must know: Ethereum Mining is a computationally in-depth work that requires a lot of computing time. An Ethereum miner gets rewarded for providing solutions to complex mathematical problems via blockchain technology.
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 that 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.
