As activity over the Ethereum network has increased, miners’ revenue in fees has also increased by 39% over the last month.
The miners’ fee has surged exponentially in September but the price value of Ethereum did not affect so much. According to on-chain data, miners have collected 450,089 ETH ($168.7 million). After increasing by 39% in September along, miners made $113 million in revenue from fees.
Eth Miners are more Profitable than BTC Miners
Bitcoin miner revenue, on the other hand, plunged significantly as compared to Ethereum. In August, BTC miners made $39 million, but in September, they earned only $26 million, a 50% decrease in one month. Ethereum miners are 3 times more profitable than BTC miners, data from crypto mining pool F2Pool shows.
The exponential surge in Ethereum activity is due to the rising interest of investors in decentralized finance (DeFi). As most of the leading DeFi projects are running over the Ethereum platform, it also presents a bullish push for Ethereum price.
Another interesting trend is going as Bitcoin in the form of RecBTC and WBTC are moving over the Ethereum blockchain. According to on-chain data, nearly $1 billion shifted to Ethereum blockchain via Wrapped BTC.
Investors are increasing in number which prefers the Ethereum network over others, and the hash rate is surging rapidly. Participants are also joining the network to take benefits from high mining fees.
People who are holding ETH have also increased in numbers. For instance, prominent Eth wallet MetaMask reports that its users reach 1 million this month.
Users of the Ethereum network are paying on average $15 for a standard transaction, Blockchair’s data shows. To process transactions, users pay high fees which results in high miners’ revenue.
Due to increasing complexity over the platform, Ethereum will have to reduce fees. Otherwise, alternatives, such as Binance’s smart chain, can take its position. Its new update known as Ethereum 2.0 is also far away to be released.
However, damage in the DeFi sector can also reduce the activity over the network. Many analysts believe the DeFi craze is going to end soon.