Ethereum Miners Make $800,000 per Hour

Kataryna Habeliia September 3, 2020


Ethereum miners make $ 800,000 per hour

Just a day after receiving more than half a million dollars in transaction fees on September 2, Ethereum miners’ average hourly income rose to $ 800,000 in one hour, according to the analytical crypto platform Glassnode.

*The average revenue of Ethereum miners has grown to $ 800,000 per hour. Data: Glassnode

According to the platform, the amount that Ethereum miners receive daily in the form of transaction fees rose sharply on September 1, reaching $ 16.5 million. For comparison, on August 31, this figure was “only” $ 8.1 million.

This means that in just one day, the daily income of miners has more than doubled, and this is due to the continued growth of fees. By comparison, in January of this year, daily Ethereum transaction fees hovered around $ 140,000, while on August 8, this figure rose to $ 2 million.

The Block’s research director Larry Cermak noted that the current numbers are much higher than those recorded during the cryptocurrency’s all-time highs in 2017. Also, Ethereum miners are currently making significantly more money than Bitcoin miners.

Cermak described the situation in the following comic dialogue:

Bitcoin miners generated a $ 1.5 million commission yesterday, which is only 9% of Ethereum miners. Commissions in December 2017 at the peak of the Bitcoin price were $ 21.4 million, — wrote Chermak.

The situation is paradoxical: the miners on the Ethereum network make a lot of money, while the users whose operations they serve are forced to refuse transactions due to excessively high fees.

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