• About
  • Advertise
  • Contact
Cryptopolitan
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
    • Price Prediction
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
    • Price Prediction
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
No Result
View All Result
Home News Ethereum News

Ethereum miners bag $166 million in revenue from fees generated in September

Ibiam Wayas by Ibiam Wayas
Oct 01, 2020 at 11:18 am
in Ethereum News
2 min read
Mark Cuban holds “a lot of Ethereum” in his crypto portfolio
585
SHARES
3.2k
VIEWS
Share on FacebookShare on Twitter

The increased activity in the decentralized finance (DeFi) space has continued to skyrocket the revenue of Ethereum miners. An update shared by Glassnode shows that the miners have earned more income from the transaction fees than in September than in the past two months, and beyond. This somewhat indicates that the network users may be spending a lot in transactions with every proceeding month, until Ethereum 2.0 launches.

Ethereum miners flourish as DeFi rises

According to the data shared on Thursday by the on-chain analytics platform, Ethereum miners bagged about $166 million in revenue from transaction fees throughout September. This accounts for about 47 percent increase compared to the amount the miners earned in August and a significant jump in the months before.

This came just when many people thought that Ethereum miners had earned the highest ever from transaction fees in August. At the time, miners garnered about $113 million in revenue from fees alone. As reported, it accounted for massive growth from the months before; precisely, it represents a more than 1000 percent increase from the $3 million which the miners gained in April.

RelatedPosts

ETH Price Prediction: Ethereum plummets to the $2,000 range while showing signs of a further price dip

Ethereum price prediction: Ethereum fails to reach $2,300, set to move lower today

Ethereum price prediction: ETH to retest $2000 support

Ethereum price prediction: Ethereum retests $2,300, prepares for another move higher over the weekend

DeFi ‘craze’

Notably, Ethereum is the root network powering the decentralized finance market. As the industry continued to gain massive traction, which was fueled by the yield farming technology, the network became congested and more fees were needed to complete any transaction involving Ethereum.

To put things in perspective, Ethereum miners recently made a new hourly revenue record following the introduction of UNI token, the native and governance digital currency of the largest decentralized exchange, Uniswap. As Cryptopolitan reported, the miners earned close to $1 million ($938,000) in an hour.

For Bitcoin miners, however, things are clearly different. In the same month, Bitcoin miners only generated $26 million as revenue from fees. This accounts for over six times less the amount made by Ether miners.

Tags: Bitcoin Industrycryptocurrency tradingDigital Currency
Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

Related Posts

ETH Price Prediction
Ethereum News

ETH Price Prediction: Ethereum plummets to the $2,000 range while showing signs of a further price dip

Apr 20, 2021 11:52 am
Ethereum Price Prediction 2021-04-19
Ethereum News

Ethereum price prediction: Ethereum fails to reach $2,300, set to move lower today

Apr 19, 2021 11:45 am
Ethereum price
Ethereum News

Ethereum price prediction: ETH to retest $2000 support

Apr 18, 2021 10:19 am
Ethereum Price Prediction 2021-04-16
Ethereum News

Ethereum price prediction: Ethereum retests $2,300, prepares for another move higher over the weekend

Apr 16, 2021 05:31 pm
ETH Price Prediction
Ethereum News

ETH Price Prediction: Ethereum surges to new milestones, drawing closer towards the $2,500 mark

Apr 15, 2021 08:55 pm
Ethereum Berlin hard fork now deployed, here's what to expect
Ethereum News

Ethereum Berlin hard fork now deployed, here’s what to expect

Apr 15, 2021 12:50 pm

Follow Us

  • 51k Fans
  • 8.3k Followers

Popular News

  • DOGE Price Prediction

    DOGE Price Prediction: Dogecoin to the moon, to hit its $0.2 target after safeguarding support

    1371 shares
    Share 548 Tweet 343
  • Ripple price prediction: XRP blasts past $1.8392 as bulls relentlessly pursue $2.0

    1347 shares
    Share 539 Tweet 337
  • Cardano price prediction: ADA fails to break above $1.50, what’s next?

    1318 shares
    Share 527 Tweet 330
  • XRP Price Prediction 2021, 2023, 2025, 2030

    1301 shares
    Share 520 Tweet 325
  • Dent Token Prediction for 2021 – 2025

    1256 shares
    Share 502 Tweet 314

Latest News

Amazon

Amazon pressured to begin accepting Dogecoin payment

April 20, 2021
Facebook Diem

Libra resurfaces as Facebook Diem prepares for launch 2021

April 20, 2021
Former OCC chief, Brian Brooks is joining Binance.US as CEO

Former OCC chief, Brian Brooks is joining Binance.US as CEO

April 20, 2021
Venmo now allows buying and selling of digital currencies

Venmo now allows buying and selling of digital currencies

April 20, 2021
XRP Investors

XRP investors file lawsuit against SEC

April 20, 2021

Signup To The Daily Roundup

Get New Posts By Email:
Privacy Policy

Got a Story tip? Email Contact@Cryptopolitan.com

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News

Binance News
Ripple News
Cardano News

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker
Sitemap

Exclusive Partners of

Footer 1

Got a Story tip? Email Contact@Cryptopolitan.com

cryptopolitan 1

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Cryptopolitan brings you quality Blockchain and Cryptocurrency news, ICO reviews, crypto technical analysis, and other unique news insiders. We cover Bitcoin news, altcoins news, blockchain projects news, ICO news, regulatory developments and the confluence of news on the leading blockchain technologies.

© 2021 Cryptopolitan. All rights reserved. Terms | Privacy

No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
    • Price Prediction
  • Research
  • Scam
  • Events

Copyright © 2020 Cryptopolitan.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.