Miners on the Ethereum network generated over $285.1 million in revenue this August, representing a month-over-month increase of 98.2% and a 25-month high, according to research from The Block.
On the back of the booming DeFi market and interest in Ethereum rising as an extension. Miners on the network reaped the benefits of an in-demand and strained network by enjoying one of the highest-grossing months in terms of revenue from fees.
As the source noted, miners on the Ethereum network generated over $285.1 million in revenue this August, representing a month-over-month increase of 98.2% and an almost two-year high.
The trend of rising fees came after last month when transaction fees on the network increased significantly. Some reasons include the many funny-sounding yield farming apps like Kimchi Finance, SushiSwap, and others that led opportunistic “farmers” to lock up millions in assets.
Last month, transaction fees on Ethereum increased significantly, fueled by the yield farming mania. Fees as a percentage of mining revenue reached an all-time high of over 40.5% of the total revenue, compared to 10% in May, as data from The Block showed.
Gas expenses on the Ethereum blockchain have been unnecessarily high and a couple of days back charges were upwards of $10-15 for each exchange. At the hour of the press, ETH expenses are between 450 to 550 gwei or $3.36 to $4.11 per transaction.
As BTCManager reported earlier, miners earned a record of 30,500 ETH on Aug 12 as revenue from transaction fees – at 17,000 ETH ($6.87 million), exceeded block rewards, which stood at 13,500 ETH.