A record of nearly $113 Million has been made by Ethereum Miners Pocket from the fees
Currently, the Ethereum miners are making a good outcome from the transaction fees. It was found that in the month of August itself, the miners had managed to get a ranking of nearly $113 million. It indeed is a great profit that means more than 3,660% for 3 million which was earned in April. So far the ether miners have recorded this as one of the highest earned amounts through the transaction fees. Previous to this was the investment tokens of 64million which was found in January 2008
The reason behind this record:
The fees have increased so much that the ETH miners managed to make this record in just one hour. Just to send a transaction, through the blockchain of Ethereum on an average it cost nearly $6.57 token asset offering. It is believed that the transaction costs were soaring on the overhype that was being made within the decentralized finance space. This has led to the growth of this billion industry in less span of time. As per the Etherscan, there were protocols like Uniswap that were made on the Ethereum blockchain. Other than this, Sushi Swap, Tether (USDT), and Yearn Finance (YFI) to name some.
The growth says it all:
In spite of the huge profit, the community of Ethereum is not stopping anytime sooner. Rather the developers and crypto market research are testing some technical solutions which can reduce the price while ensuring the efficiency is improved. This includes the upgrade of the dubbed Ethereum 2.0 network as well. In one interview, VitalikButerin who is a co-found of Ethereum stated that investors shall utilize layer-two technology. This way they can understand the issue related to high transaction fees. Meanwhile, the BTC miners have earned nearly $39 million through the transaction fees which of course is quite a lot lesser than that of Ethereum miners.
The information provided through the above Content is for informational purposes only. The Content is not intended to be, and does not, constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. We do not make any guarantee or other promise as to any results that may be obtained using our Content. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice, and/or recommendations prove to be inaccurate, incomplete, or unreliable or result in any investment or other losses.
Crypto Business World
CBW - External Analyst