Altcoin News

Miners Earned $166M ETH Fees, Six Times More Than BTC

Glassnode data shows Ethereum’s total transaction fees recorded their highest-ever earnings in September 2020, stood at an all-time high of $166 million for the month which is more than the $26 million taken in Bitcoin fees.

[image lightbox=”1″ caption=”Glassnode Tweet on Ethereum Transaction Fees “]https://thenewscrypto.com/wp-content/uploads/2020/10/Glassnode-Tweet-on-Ethereum-Transaction-Fees.jpg[/image]

The major factor behind this rise is the growth of the decentralized finance (DeFi) market in the crypto space. Moreover, miners are individuals or entities who use computing rigs to maintain and mine blocks on proof-of-work cryptocurrencies for rewards.

Some miners explained that much of the growth came as increased trading activity in low-cap DeFi projects and non-fungible tokens. For instance, the Ethereum price is at $352.45 with a 24-hour trading volume of over $14.1 billion, according to Coingecko.

As per data, in March and April Ethereum miners made an average of $4 million in fees. However, Miners pocketed $22 million and $32 million in June and July respectively as the DeFi industry started to gain steam due to the launch of lending protocol Compound. 

[image lightbox=”1″ caption=”Total Transaction Fees: Ethereum vs Bitcoin (Source: Glassnode) “]https://thenewscrypto.com/wp-content/uploads/2020/10/GLASSNODE.jpg[/image]

At the start of 2020, the monthly Ethereum fees were just $1.5 million. This is similar to total value locked (TVL) in DeFi, which first broke the $1 billion in February but surged over $11 billion in summer, according to DeFi Pulse.

The News Crypto Staff

The News Crypto is a group of crypto journalists writing about the latest happenings in the crypto and blockchain industry.

Related Articles

Back to top button