Ethereum miners post record fee revenue in September

Ethereum miners’ total revenue in September rose 28% to a record $2.42 billion. The driver was record fee income ($1.07 billion), whose share rose to 41.3%.

The previous record for miner revenue in the second-largest cryptocurrency by market cap ($2.39 billion) was recorded in May.

Growth in fee revenue continued amid a boom in the GameFi and NFT segments, while in the DeFi sector Ethereum began to feel competition from a number of other projects, where in September TVL rose.

Growth was tempered by the activation on 5 August of the London hard fork of the EIP-1559 proposal, which provides for burning part of the fees. On the date of writing, a total of 410 668 ETH has been burned.

Support for block revenue came from Ethereum’s rise to $4000. The asset’s price is currently around $3,200.

Total miner revenue for the first cryptocurrency in September reached $1.308 billion, down 3.8% from August.

The share of fees in revenue rose from 1.32% to 1.5% after four months of decline.

Movements in block revenue were influenced by the failure to hold above $50,000 and a subsequent retreat to $40,000. Support came from a moderate recovery in Bitcoin mining difficulty.

Earlier, Compass analysts forecast that after the hard fork Ethereum miner revenue would fall by 20-30%.

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