Ethereum Miners Made More Than Bitcoin Miners in Fees Over September
According to Ian Lee, an Ethereum-focused venture investor and analyst, there was a large discrepancy over September in the transaction fees collected by the two top blockchains.
Citing data from Glassnode, a blockchain data firm, Lee noted that Ethereum miners collected $166 million in transaction fees over September. Over that same time frame, Bitcoin miners collected a relatively low $26 million in transaction fees.
This means that over the course of September, Ethereum miners made around eight times Bitcoin miners did in transaction fees alone. This does not count the block subsidy, but it is quite a stark shift in trend.
Ethereum’s dominance in the realm of transaction fees comes as DeFi has seen a strong surge in adoption.
This segment of the crypto market has drawn in many users looking to turn a profit. Platforms like Uniswap, MakerDAO, Aave, and others are giving users an incentive to send more transactions on Ethereum than ever before, driving transaction fees higher.
One of Many Positive Fundamental Factors
ETH’s high transaction fee revenue is a fundamental factor, analysts say, as it shows that the blockchain is beating its competitors.
This is but one of many positive fundamental factors for Ethereum shared over recent weeks.
For one, scaling solutions are undergoing development as I write this. For one, the ETH2 upgrade, which will overhaul the blockchain to increase transaction speeds and throughput, is expected to launch in November.
It is unclear if these fundamental factors will drive ETH higher in the near term. The cryptocurrency was recently rejected at the critical resistance in the $365-375 range, suggesting it may correct towards range lows prior to moving higher, if at all.
Featured Image from Shutterstock Price tags: ethusd, ethbtc Charts from TradingView.com Ethereum Miners Made Eight Times More Fees Than Bitcoin Miners in September
Originally from Bitcoinist.com https://ift.tt/3cSU472
Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.