Ethereum miners have been earning more income than Bitcoin miners in recent months.
Miners of Ethereum, the second largest cryptocurrency by market cap, generated $1.03 billion in revenue in July.
Besides, Bitcoin miners generated $971.8 million in revenue last month. Due to the recent decline in mining revenues on the part of Bitcoin miners, Ethereum miners have earned higher revenues than Bitcoin miners for three consecutive months. As it will be remembered, Ethereum miners earned higher income than Bitcoin miners in early February and late April and May this year.
A striking point here is that this event, which has been rare for years, has taken place more frequently recently.
ETH price has been on the rise lately as one of the reasons Ethereum miners are generating higher revenues. In addition, China’s continued pressure on Bitcoin miners forced them to move to other settlements. This has significantly affected the revenues of Bitcoin miners.
Another major reason is due to the network’s rising transaction fees. As it is known, Ethereum miners earn income from transaction fees known as gas, which are paid in ETH, and block subsidies to generate new cryptocurrencies.
Share of Transaction Fees
Currently, about 19% of Ethereum miners’ income comes from gas fees. But with Ethereum Improvement Proposal (EIP) 1559 going into effect, some of the fees will be sent to the network instead of miners.
As is known, then the two will be charged per EIP 1559. One of them is the base fee and a participation fee for miners. The base fee will be burned and only the inclusion fee will go to the miners. As is known, the general purpose of EIP is to reduce transaction fees for users.
According to data from TradingView, Ethereum, which is currently trading at around $2643, has increased by close to 12% in the last seven days. Reaching a market value of $ 310 Billion, the cryptocurrency has created around $ 25 billion in daily volume.