Ethereum miners’ April revenues hit a record $1.65 billion

Total revenue of Ethereum miners rose 19% in April to $1.65 billion.

56.5% of this total came from block rewards. In March, the share of fees was 45.2%, in February 53.9%.

The predominance of block-reward income in the revenue mix is due to the decline in the average transaction fee to January levels. This is likely related to the widespread adoption of layer-2 solutions that relieve the load on the blockchain.

The recent Berlin hard fork may also have influenced the situation. It optimised various aspects of Ethereum’s operation, including the gas-cost calculation algorithm.

The decline in Ethereum miners’ share of fee income is also linked to the rise in ETH price, which at the time of writing is near the $3,500 mark.

Ethereum’s price-correlated hash rate rose 16.4% in April. Since the start of the year, the metric has grown by 93%.

Bitcoin miners’ revenues in April fell by 3%. This was due to a 1.7% drop in the price of the first cryptocurrency (it briefly fell as much as 20%), according to Bitstamp.

As a result, block-reward revenues declined by 7.8%, from $1.58 billion to $1.46 billion. Fee income in April, by contrast, jumped 47%—from $167.2 million to $247 million.

Back on May 4, 2021, Ethereum short liquidations hit new highs as the price rose to $3,500.

Earlier, Mark Cuban spoke about the advantages of Bitcoin, Ethereum and Dogecoin.

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