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.
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Crypto Business World
CBW - External Analyst
INDIA