Ethereum miners made 450K ETH from high network fees during DeFi peak
On-chain data shows Ethereum miners saw a 39% surge in revenue as fees soared during the DeFi craze. Ether (ETH) miner revenue skyrocketed during the month of September according to data from glassnode, an onchain analytics resource. While the price of Ether did not rise significantly during this time, miners on the Ethereum network saw their revenue increase due to high fees. Miners took home 450,089 ETH in fees ($168.7 million) and this represents a 39% increase over last month in which miners made roughly $113 million in fees. During the same period, Bitcoin miner revenue from fees not....
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The average cost of sending a transaction over the Ethereum blockchain has fallen by 82% from a September 2 peak of $11.61, down to $2.09 as of October 4. The decline may be the result of a slow down in the hype around decentralized finance (defi) protocols. According to data from Glassnode, ethereum (ETH) miners have also seen a corresponding sharp drop in total earnings from fees over the past three weeks. On Sept. 17, miners raked in 42,763 ETH, or $14.97 million, in fees, but that tanked to just 5,898 ETH, or $2.06 million, as of Sunday. As a percentage of miners’ total revenue,....
Transaction costs have ballooned once more for the most actively used blockchain. Fees on the Ethereum network have reached an average of $10.20 per transaction as of Sunday, according to data from YCharts. The network's fees went higher on only two occasions in 2020, briefly averaging $12.54 in early September. They again rose to $11.69 near the middle of the same month.Ethereum network transactors faced high fees on and off last year as a partial result of the decentralized finance, or DeFi, boom, which utilized the blockchain for various lending and yield farming activities. At times,....
Ethereum has seen immense congestion as of late due to an influx of transaction demand. The transaction demand stems from the rise of decentralized finance applications, which take up a large amount of block space. ETH miners have collected so many fees that data shows that they made eight times more than Bitcoin miners in transaction fees over September. Proponents of Ethereum say that this is a positive sign for the cryptocurrency, as it may […]
Miners are incentivized to keep Ethereum gas fees high, and in doing so limit one of the network's principal use cases.
The high fees on the Ethereum network has become a concern after it had risen to the point where using ETH for small transactions became unfeasible. Users of the network realized that they were sometimes having to pay fees higher than the transaction amount, leading to calls for a solution. There have been numerous fixes […]