The impressive rise of the decentralized finance (DeFi) market throughout the year 2020 has provided a great deal of advantages to the miners of the Ethereum blockchain network. In the decentralized finance boom, Ethereum miners have made their biggest earning in the month of September through the network fees.
Highest-ever earnings recorded by ETH miners
According to a report from on-chain analytics company Glassnode, the Ethereum network miners have made an amount of $166 million through transaction fees in the month of September. This is the highest-ever earnings made by miners in the history of the Ethereum network. The previous high record was made in the month of August.
Ethereum miners have made more than 6x from fees as compared to the miners of the Bitcoin (BTC) network. Bitcoin miners have made an amount of $26 million from transaction fees on the network. As Glassnode reported in the tweet:
“#Ethereum miners made a total of $166 million from transaction fees in September – a new ATH. That’s an increase of 47% compared to the previous record high in August. In comparison: #Bitcoin miners made $26M from fees – a difference of more than 6x!”
The growth in the decentralized finance (DeFi) space is considered to be the key factor that has driven this rise in the transaction fees on the Ethereum network. The Chief Operating Officer (COO) of the mining firm Hashr8 Thomas Heller has said in a statement, “because of the DeFi boom, transaction fees and miner earnings were really high.”
The DeFi coins such as Meme and Shroom witnessed a significant increase in their trading activity which pushed the growth of the decentralized finance market further higher. Due to this growth, transaction fees on the Ethereum network spiked high. The highest transaction fee on the Ethereum blockchain network has been noted in the month of September.
Ethereum’s digital currency ETH, on the other hand, has also managed to come out of the bearish zone and is currently trading at $368 with a change rate of 3.56% in 24 hours.