Ethereum miners’ May revenue hits a record $2.39 billion

Total Ethereum miner revenue in May surged 45% to $2.39 billion, for the first time surpassing the corresponding metric for the Bitcoin ecosystem.

56.5% of this amount came from block rewards, 43.5% from transaction fees. The same ratio was observed in April.

The relatively high share of revenues from validation operations was supported by hype around the Dogecoin clone, as well as a large number of interactions with decentralized exchanges during the crash.

Bitcoin miners’ revenue in May fell 13% to $1.48 billion.

The main reason was a 34.5% drop in the price of digital gold, which was reflected in a decline in the number of active Bitcoin addresses to a six-month low.

For comparison, Ethereum’s price in May declined by 2.5%.

As a result, Bitcoin miners’ revenue from mined blocks decreased by 6.8% — from $1.46 billion to $1.36 billion. Revenue from fees dropped more than twofold — from $247 million to $125.3 million.

In early June, fees on the Bitcoin and Ethereum networks fell to January levels.

Earlier, Ethereum developers identified a vulnerability in the EIP-1559 proposal. It envisages burning a portion of the transaction fees and helps reduce gas-price volatility.

Subscribe to ForkLog’s channel on YouTube!