Ethereum miners earned $ 143.8 million in July, the highest in 23 months, according to The Block Research..
At the same time, commission fees amounted to almost 23% of the amount of income. For comparison, in May transaction fees accounted for about ten%.
The rise in transaction fees is driven by the rise in popularity of Decentralized Finance (DeFi) protocols. According to Etherscan, three such platforms currently have some of the highest network utilization rates. Due to the increase in occupancy on Wednesday, the level of commissions climbed to $ 5.59, almost reaching the record high in January 2018 ($ 5.7).
Ethereum transaction costs are now higher than Bitcoin’s. During the day, this difference brings ethereum miners an additional $ 1 million.However, in July, the total bitcoin miners earned $ 299 million.
In parallel with the increase in profitability, the hash rate of Ethereum also increased. According to Etherscan, the computing power of the network is currently hovering around 201,000,000 GC / s, which is the highest in the last 20 months.
Such dynamics so far has a positive effect on the ether rate, and some traders expect a further rise in the rate against the backdrop of an increase in the activity of network users. However, others believe that the increase in fees will ultimately negatively affect Ethereum, as it will make it harder to interact with applications..
However, a high hash rate is still a key indicator of the security of the PoW cryptocurrency blockchain, discouraging the 51% attack and block reorganization that less successful projects like Ethereum Classic suffer from..
Ethereum miners revenues hit two-year high
text: Ivan Malichenko, photo: buttercms, graphic: Coin Metrics