The daily network fees on the Ethereum network have reached almost $500,000 on Jun. 7 for the fourth time in the network’s history. The huge uptick in-network fees now mean that Ethereum has surpassed Bitcoin, whose network fees on the same date reached only $308,000.
Ethereum Miners Earned $200,000 More Than Bitcoin Miners
The Ethereum network had a pretty good day yesterday, both in terms of network activity and network fees.
According to the latest data from cryptocurrency analytics company Glassnode, the daily network fees on Ethereum surpassed those on Bitcoin by almost $200,000. The uptick in network activity on Ethereum pushed the total amount of fees recorded on Jun. 8 to reach almost $500,000. Yesterday was the fourth time this year that Ethereum miners earned that much money.
Bitcoin, on the other hand, had a rather disappointing performance yesterday, as it recorded only $308,000 in daily network fees.
Graph comparing the daily network fees on Bitcoin and Ethereum in 2020. (Source: Glassnode)
Analyzing Changes in Network Fees
Data from Glassnode has shown that the network fees on Ethereum have rarely outperformed the network fees on Bitcoin. Despite the abundance of DeFi projects and various dApps, this has only happened on 141 days so far, meaning that during the existence of both networks, miners on Ethereum earned more only 8% of the time.
The last time this year Ethereum miners saw much higher profits than Bitcoin miners was in mid-March, right around the time when the crypto market took a heavy hit caused by the coronavirus pandemic and stock market crash. The massive sell-off of various altcoins could have resulted in a congested network, with traders racing to pay the biggest transaction fees in order to liquidate their holdings faster.
On the other hand, the transaction fees on Bitcoin skyrocketed in the first half of May, with the biggest spike in network fees coinciding with the Bitcoin halving. With the block mining reward reduced from 12.5 to 6.25 BTC, transaction fees skyrocketed in order to keep miners profitable. However, as the network recovered from the immediate impact of the halving, the transaction fees reduced, which explains the sharp drop in fees the Bitcoin network has seen since May 18.
Ethereum fees majorly were primarily contributed by Tether with the last 30 USD value at $2.3 million, followed by MMM which is a scam project at $782k according to Eth Gas Station. origin »
The proliferation of Ordinal-like transactions of PRC-20 tokens appears to have pushed gas fees on Polygon (MATIC), an Ethereum (ETH) layer-2 network, to yearly highs. While the network fees have since receded to previous lows, data from livdir.
The transaction fees paid to use the Bitcoin network increased by double digits.
This has been due to a spike in daily inscriptions on the network.
Bitcoin's [BTC] network fees climbed by 38The post Bitcoin miners cash in as network fees surge by 38% appeared first on AMBCrypto.
In a recent Senate Committee hearing, Democratic Senator Elizabeth Warren stated her concerns over high fees on the Ethereum network.
The post Sen. Warren Criticizes Ethereum Network’s High Transaction Fees appeared first on BeInCrypto.
While Ethereum network fees have jumped to new highs this year, the popular cryptocurrency exchange, Coinbase Pro, announced that the trading platform would be passing network fees onto customers.
On Tuesday, the average transaction fees on the Ethereum network climbed to a new peak at above $10, and gas prices went past 450 Gwei. In response, stablecoin Tether, the second biggest guzzler of gas, is planning to add support for ZK-Rollups.
Fees paid to miners of the Ethereum network has been gaining a lot of traction lately. In 2020, it has been on an upward trend. The total fee volume in Ether on the network increased by a whopping 336% in the past two months as mean fee volume surged from 0.00067 ETH on April 17th […]
Ethereum has recorded higher daily total network fees than Bitcoin for two consecutive days. The rare event indicates increased activity and growing adoption for the network. On June 6, Ethereum’s daily total network fees topped that of Bitcoin.
The Bitcoin network is approaching its billionth dollar charged in cumulative transaction fees—a threshold due to be broken nearly 10 years after the creation of the original cryptocurrency. The revelation came in a tweet Tuesday by Nic Carter, who expects the network will surpass $1 billion in total cumulative fees this fall based on data […]
The post Bitcoin network about to charge its billionth-dollar in transaction fees appeared first on CryptoSlate.
CoinMetrics has released a detailed report about Bitcoin and it’s forks, covering a number of topics from the elimination of OP_RETURN in BSV, to the time taken to rewrite the blocks on a network.
Gominer Token is a Peer-to-Peer token that has a sophisticated level of security for a multi-functional digital currency and for all future use expansion.
The token is created to help our user to interact and expand the way of their earning in Cloud mining.
According to data from Etherscan, the More Gold Coin project has airdropped its token to over 360,000 addresses, clogging the Ethereum network and causing gas fees to rise to 20 gwei, or about 10 cents.
Crypto markets may look a little flat after last week. But that’s not the case for the logistics and supply-chain network, VeChain Thor (VET), whose token price has surged following a mainnet upgrade that will allow users to delegate their transaction fees.
Zygot has partnered with Matic Network to ensure safe invoice exchange for users, higher throughput, faster transaction, and reduced transaction fees. Zygot has got some amazing news to share with its users and the crypto community.
First scalable decentralized social security network
Project Introduction
Asure Network is a layer 2 scaling network that enables fast, easy and secure transactions for not only payment transactions, but also generalized smart contract.
CryptoNinjas - Bitcoin, Cryptocurrency & Blockchain Asset SourceICON, one of the largest blockchain projects in South Korea, today has unveiled ‘Fee 2. 0’ – the new transaction fee system of the ICON Network.
On July 12, South African payment gateway service Payfast announced the company is dropping bitcoin core (BTC) payments due to network congestion and high fees. Payfast emphasized that BTC has a number of limitations and design flaws which makes it an “impractical substitute for cash.
CryptoNinjas - Bitcoin, Cryptocurrency & Blockchain Asset SourceThe team of bitcoin payment app Fold announced today Lightning Network capability is now integrated. Fold allows users to spend bitcoin at their favorite retailers in-store or online.
Dengba inn, the predecessor of Dengba planet, was founded in 2007. After 12 years of operation and development, 88 Dengba inns have been established in 70 cities in 10 countries around the world. More than 1,000,000 Backpackers come to Dengba every year, and nearly 50,000 online Backpackers have formed in recent years.
Ethereum’s developers are working to deploy another hard fork called Istanbul. At the moment, there are 28 proposals (EIPs), which include changes to the mining algorithm, code execution, pricing mechanism, and data storage process.
There’s a new Simple Ledger Protocol (SLP) based token called BTC2 that’s backed 1:1 with BTC. People can obtain the BTC2 token using cryptocurrency swapping application Sideshift. ai.
Bitpay has recently been attacked on social media for charging an extra fee for BTC transactions that it doesn’t ask of BCH users. The reality is that the company simply has to cover its operational costs related to the BTC network, whose fees are currently very high again.
US cryptocurrency payment processor BitPay has come under fire again after appearing to steer consumers to use altcoin Bitcoin Cash. BitPay Disguises Revenue Ploy As BTC ‘Network Fee’ A screenshot uploaded to Reddit June 5 appears to show part of the checkout process for domain name resource Namecheap, which allows cryptocurrency payments via a BitPay plugin.
What Is GSE Network? GSE Network is a digital platform that aims to build a global sharing economy with no intermediary fees and a unified trust network. By focusing on the global sharing economy as its launch pad, GSE Network aims to build a decentralized global sharing economy network that embraces trust. It seeks to […]
Ведущая по объемам торгов биткоин-биржа Binance переместила биткоины на сумму $1,26 млрд. При этом комиссия составила всего $124,6. Таким наблюдением в своем Twitter-аккаунте поделилось рейтинговое агентство Weiss Ratings.
Ведущая по объемам торгов биткоин-биржа Binance переместила биткоины на сумму $1,26 млрд. При этом комиссия составила всего $124,6. Таким наблюдением в своем Twitter-аккаунте поделилось рейтинговое агентство Weiss Ratings.
Binance has just moved a staggering $1.26 billion worth of Bitcoin (BTC) – and paid just $124.60 in network…
The post Binance Moves $1.26 billion in Bitcoin, Pays $124.6 in Fees appeared first on Invest In Blockchain.
Projects previously dependent on the Ethereum network or their own blockchains have migrated to the new Binance Chain, gaining access to the decentralized market Binance DEX.
IOTA’s Community Liaison, Andrew Greve, yesterday, May 28, 2019, announced in a blog post about the IOTA Foundation’s plan to roll out a software upgrade that will put a stop to high fees, solve scalability issues, and most especially, end centralization on the network.
Cryptocurrency exchange Binance moved a gut-wrenching $1. 26 billion worth of Bitcoin today – and it paid just $124. 60 in network fees for the service. The epic transfer was signaled by Binance CEO Changpang Zhao earlier this morning in a tweet.
During the just concluded 2-day Malta AI & Blockchain Summit from the 23rd – 24th of May 2019, there was an interesting debate between Roger Ver, one of the pioneering Bitcoin angel investors and Tone Vays, a Bitcoin/Blockchain Researcher.
Bitcoin up 9. 5 percent High transaction fees will lead to financial exclusion In Jeff Garzik’s deduction, high Bitcoin fees, despite Lightning Network development, will, in the long run, slow down adoption.
Eternalcoin (EIS) is an ERC20-based token that will be used in connection with the Eternal Inc Network. EIS serves for both trading cards and participating in tournaments. With its introduction on the existing Eternal Wars platform, it will power virtual goods on the blockchain, mitigate fraud, high fees, and create innovative gaming experience with real […]
Bitcoin registered the highest fees this month in 11 months after its last milestone reached on June 20, 2018, of just over six dollars per transaction. According to the website bitinfocharts.com, on May 16, 2019, BTC registered a maximum of USD 5 per fee concept per transaction, and since then its value has remained on […]
XR Web is pioneering the development of the spatial / XR web 3. 0 with a Decentralized framework to build applications that are meant for the physical spatial world around us and incorporate AR/VR technologies
Types of applications
XR Gaming platforms
XR Advertising network
XR Shopping
XR Social Media
XR Real Estate
XR Insurance
How to use?
Developers - Build
Developers can use our SDK and API framework in various languages to build XR and spatial applications that are connected to our blockchain and protocol.
As long as BTC price holds $6,400, crypto trader DonAlt is permabull Mining profits, transactions, and volume are up while fees are down Bitcoin is back above $8,000 as the price turns green. In the past 24 hours, the flagship cryptocurrency has surged more than 10 percent as it currently trades at $8,083. The leading […]
A bug was reportedly exploited on Bitcoin Cash during a scheduled hardfork upgrade of the protocol. For an hour and a half transactions went unprocessed, causing fees to skyrocket. A source familiar with the project says the exploit “looks like a timed attack,” while other rumors are circulating that the “attacker” placed a 180,000 BCH short […]
The post Bitcoin Cash exploit cripples network during scheduled hardfork upgrade appeared first on CryptoSlate.
Tether has taken a lot of heat for admitting it is running a fractional reserve. There’s no doubt that Tether’s unregulated nature makes this approach risky and that its lack of transparency is unsettling, but the entire modern banking system is architected on fractioned assets.
Research has shown that the number of on-chain Bitcoin transactions has risen dramatically throughout 2019, nearing the volume of Bitcoin’s peak in December 2017. Even so, transaction fees are a fraction of what they were around bitcoin’s all-time high, likely due to the continued uptick of SegWit transactions on the network.
Bitcoin Blocks Are Close To Becoming Full Once Again Bitcoin (BTC) blocks seem to be reaching a limit, leading to an increase in the fees that miners take for processing transactions. Since April 2018, the number of transactions in the Bitcoin network has been growing, reaching 452,000 transactions in just a single day a few […]
Bitcoin miners earned $291 million through ‘block rewards’ in April, marking a 30-percent monthly revenue increase, reports research unit Diar. They collected an additional $14 million with Bitcoin transaction fees, 250 percent more than in March.
While the Crypto Winter may be lingering with us into the spring, crypto exchanges are doing just fine. According to CoinMarketCap, there are now 255 major crypto exchanges.
An infamous Bitcoin ‘whale’ has moved an enormous cryptocurrency fortune in a single transaction, and the network charged less than $4 in fees. Bitcointalk's famous whale Loaded is moving its 40k BTC stash again.
Bitcoin transactions are approaching all-time highs while fees remain low. The number of transactions conducted in April is comparable to the peak of the market in December of 2017, yet total BTC fees decreased by 85 percent.
Andrei Poliakov is the CEO and co-founder of Coinberry, one of Canada’s premier digital currency platforms. His company is the first in Canada to partner with a government municipality.
Decentralized autonomous organizations (DAOs) are one of crypto's more novel and ambitious applications — one that Bitcoin, until recently, has had nothing to do with.
Per an official announcement, the cryptocurrency exchange Gemini Trust has confirmed full integration of Segregated Witness (SegWit) addresses to its wallet infrastructure.
Domitai is a Cryptocurrency Exchange in Mexico, a trading platform for digital and traditional currencies between users.
Our mission is to change the way commerce and financing is done in Mexico, and work to become one of the top financial institutions in Latam and Worldwide.
Bitcoin price is consolidating above the $95,000 support zone. BTC must settle above the $100,000 level to start a fresh increase in the near term. Bitcoin started a fresh increase from the $94,200 zone.
Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average.
Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone.
Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase. Bitcoin started a downside correction from the $106,250 zone.
