Copy link
Increase text size
Decrease text size
Link copied

Ethereum (ETH) miners’ August profits soar to a new record at $113M

Ethereum miners made a killing in August by posting a record-breaking $113 million in profits.

Image by Peter Patel from Pixabay

Thu, 03 Sep 2020, 15:46 pm UTC

August has been one productive month for Ethereum (ETH) miners. In fact, miners’ profits soared to new heights demolishing the previous all-time high record established in 2018.

In August, Ethereum miners made a killing and earned an astounding $113 million in profits from transaction fees, according to Based on data from the crypto analytics firm Glassnode, the amount is more than 3,660 percent higher than the $3 million miners made in April.

Last month’s $113 million is also the highest ever month profits earned by Ethereum miners. The previous record was made in January 2018 when miners collectively earned $64 million.

Ethereum fees have risen steeply in recent months. On average, it now costs around $6.57 to send a transaction on the Ethereum (ETH) blockchain compared to the $0.09 it cost to send the same transaction in April.

As a result of high transaction fees, ETH miners broke is making record profits recently. For instance, miners earned over $500,000 in just one hour on September 1.

The explosive growth of the decentralized finance (Defi) industry, which ballooned to $9 billion in a matter of weeks, is the main driving force behind soaring transaction costs, according to analysts. Defi protocols such as Uniswap, Tether (USDT), Sushi Swap, and Yearn Finance (YFI) are among those with the highest network utilization.

Understandably, people in the ethereum community are getting concerned over the risings fees. One solution offered by Ethereum co-founder Vitalik Buterin is for investors to layer two technology to get around the issue.

“To those replying with ‘gas fees are too high’, my answer to that is ‘well then more people should be accepting payments directly through zksync/loopring/OMG’,” he tweeted. “Seriously, scaling to 2500+ TPS for simple-payments applications is here, we just need to… use it.”

Ethereum miners have already surpassed Bitcoin miners in terms of profits. BTC miners only managed to rake in $39 million from transaction fees in Augusts, which is almost three times less than what Ethereum miners pocketed for the same period.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • delapaz
  • 2020.10.08 16:33:11
Recovery expert referral. I lost my bitcoin to fake impostors on Facebook, they contacted me as blockchain official support and I fell stupidly for their mischievous act, this made them gain access into my blockchain wallet account, whereby  7.0938 btc  was stolen from my wallet in total .I was almost in a comma and dumbfounded because this was all my savings I banked up on , waiting for bitcoin rate to improve . Then  my niece recommended me to an expert, I researched online and found the recovery expert , with the contact address- [email protected] .I wrote directly to the specialist explaining my loss. Hence, he  helped me recover my bitcoin  just after 2 days he helped me launch the recovery program , and the culprits were identified as well , all thanks to his expertise . I hope I have been able to help someone as well . Reach out to the recovery specialist to recover you lost funds from any form of online scam  .
  • 0
  • ·
  • 0
  • XellaFLO
  • 2020.09.06 23:43:12
Comment deleted by user
  • 0
  • ·
  • 0
  • XellaFLO
  • 2020.09.06 23:43:12
Have you lost your money while trading on Forex, Binary options or Cryptocurrency and still looking for a refund? I finally got my money back from this binary options unregulated broker that tried to scam me of $7500USD, don’t fall for such evil brokers, reach out to a professional group to help you recover your money as soon as possible , you can check their website or [email protected] . org or whatsapp +14253121045
  • 0
  • ·
  • 0
  • Moses
  • 2020.09.04 22:59:38
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door inbox me for more me on whatsapp :+12067425358 inbox me for serious and long term business
  • 0
  • ·
  • 0
  • Bitcoin (BTC) $37,208.70 (-5.05%)
  • Ethereum (ETH) $1,189.80 (-2.34%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Litecoin (LTC) $144.91 (-4.72%)
  • Cardano (ADA) $0.306800 (-1.17%)
  • Bitcoin (BTC) $37,208.70 (-5.05%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.