The daily revenue from Ethereum transaction fees more than doubled in just one day—and it keeps growing.
Ethereum miners’ average revenue surged to $800,000 per hour. Image: Glassnode
“Average Ethereum miner revenue from fees has surged to $800,000 per hour (!) in the past 24 hours,” Glassnode tweeted.
According to the platform’s data, the amount that Ethereum miners bring in from transaction fees on a daily basis skyrocketed on September 1, reaching $16.5 million. For comparison, this figure amounted to “only” $8.1 million on August 31.
This is largely due to a massive surge in Ethereum transaction fees and it means that the daily revenue of miners more than doubled in just one day.
Apart from these spikes, daily Ethereum transaction fees hovered between roughly $140,000 in January and $2 million on August 8.
Larry Cermak, director of research at The Block, pointed out that current numbers are way bigger than those registered during the cryptocurrency all-time highs of 2017. Furthermore, Ethereum miners are currently earning significantly more money than their Bitcoin colleagues.
“In comparison, Bitcoin miners generated $1.5 million in fees yesterday – only 9% of Ethereum miners. Bitcoin’s ATH fees were $21.4 million in December 2017,” Cermak tweeted.
On the other hand, while Ethereum miners are raking in tons of cash, regular users and experts alike are becoming increasingly concerned that fees are getting out of hand.