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When Can Ethereum Miner Fees Come Down (Ethereum Miner Revenue)

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When can Ethereum miner fees come down? On September 23rd, when can Ethereum mi

When Can Ethereum Miner Fees Come Down (Ethereum Miner Revenue)

When can Ethereum miner fees come down? On September 23rd, when can Ethereum miner fees come down?

With the continuous decrease in Ethereum network transaction fees, the cost of Ethereum mining is also steadily rising. According to data from Etherscan, more than 130,000 ETH has been burned and destroyed so far (worth about $477 million). This means that in the past few months, total Bitcoin miner revenue on Ethereum has increased from $109,000 in January 2020 to around $132,000 currently. As a result, hardly anyone is willing to pay such fees anymore. However, considering the average for this year, this number should still be relatively high, as Ethereum’s price would need to continue to rise to reach new highs.

Ethereum Miner Revenue

As the Ethereum network becomes more congested, transaction fees also become more expensive. Miners usually earn higher income on the Ethereum network than the ETH they mine themselves.According to Etherscan data, as of 12:30 pm (UTC) on May 13th, the price of Ether was $109.8 per coin. This means that the current cost of Ethereum mining is about $1. However, if we calculate based on the current price, the price of Ether would be around $100 or lower. Additionally, based on data from CoinMetrics, Bitcoin miners Bitfarms and RiotBlockchain have already made at least $1.5 million in investment revenue this year. Source of Ethereum miner revenue: CoinMetrics.com

Despite a series of issues on the Ethereum network recently, Ethereum miners still have significant profits. From late November 2020 to the first quarter of 2021, their average daily net revenue reached $150,000 per hour, with most of it coming from mining companies.According to CoinMetrics data, the total value locked on the Ethereum blockchain has exceeded $20 billion since April, compared to only around $5 billion in the same period last year. (Decrypt)

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