Ethereum miners’ revenue rose 60% in August

Total Ethereum miners’ revenue in August reached $1.65 billion, up 60% from July.

The rise occurred despite the activation on August 5 of the London hard fork implementing EIP-1559, which provides for burning a portion of fees.

As of writing, a total of 146,819 ETH has been burned, worth around $488 million.

This did not prevent miners from taking in $644.14 million in fees in the month, up from $201 million in July.

The rise helped fuel a boom in the non-fungible token (NFT) market. In August, trading volume on the largest NFT marketplace OpenSea exceeded $3 billion, up 800% from the previous month.

In addition, Ethereum’s price in August rose markedly versus July. Against the backdrop of the fork, quotes surpassed the $2,800 level, then rose to $3,100. In mid-month the price reached $3,300.

Ethereum’s hash rate in August hit a new high at 646.7 TH/s, surpassing the May peak of 643.8 TH/s.

However, May’s miners’ revenue of $2.39 billion remains a record.

Compass analysts forecast that after the fork Ethereum miners’ revenue will fall by 20-30%.