Ethereum miners post record daily transaction fees

On Tuesday, September 1, Ethereum miners’ revenues from transaction fees reached a record $17 million in a day. Volumes are rising amid the growing popularity of the decentralized finance market, The Block.

The new maximum, 3.7 times higher than the peaks in December 2017 and January 2018, when ETH rose to $1,000.

Source: The Block.

On September 1, Bitcoin miners earned $1.5 million in fees, or about 9% of Ethereum’s daily take. The all-time daily record for the first cryptocurrency’s network was set in December 2017 at $21.4 million.

Source: The Block.

On Tuesday, the historical maximum at the $10 mark was also reached for the average fee in the Ethereum network.

По мнению The Block analyst Larry Cermak, the rise in transaction-fee revenue in the blockchain could affect the price of mining hardware on the secondary market. This would be positive for the shares of GPU makers AMD and Nvidia.

As Vitalik Buterin explained, the current cost of transactions is determined by the balance of supply and demand.

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