Ethereum Miners Charged More Than Bitcoin Miners

Ethereum Miner (Courtesy: Twitter)
Ethereum Miner (Courtesy: Twitter)

According to Ian Lee, an Ethereum-focused venture investor and analyst, there was a large discrepancy over September in the transaction fees collected by the two top blockchains.

Citing data from Glassnode, a blockchain data firm, Lee noted that Ethereum miners collected $166 million in transaction fees over September. Over that same time frame, Bitcoin miners collected a relatively low $26 million in transaction fees.

This means that over the course of September, Ethereum miners made around eight times Bitcoin miners did in transaction fees alone. This does not count the block subsidy, but it is quite a stark shift in trend.

Ethereum’s dominance in the realm of transaction fees comes as DeFi has seen a strong surge in adoption.

This segment of the crypto market has drawn in many users looking to turn a profit. Platforms like Uniswap, MakerDAO, Aave, and others are giving users an incentive to send more transactions on Ethereum than ever before, driving transaction fees higher.