Yesterday, Ethereum Miners Received 60% More Fees Than Bitcoin Miners

Yesterday, Ethereum Miners Received 60% More Fees Than Bitcoin Miners
фото показано с : bitcoinist.com

2020-6-8 01:30

Ethereum transaction fees have continued to spike as demand for smart contracts and ETH transfers have spiked. It has reached a point where yesterday, June 6th, Ethereum miners brought in more transaction fees (in aggregate) than Bitcoin miners for the first time in months. Blockchain analytics startup Glassnode made this observation, sharing the chart below on June 7th. “Daily Ethereum network fees surpassed Bitcoin fees yesterday. $498k vs. $308k. So far, this has only happened on 141 days (8%),” Glassnode wrote in reference to the data that can be seen below. ETH vs. Bitcoin network fees over time chart from blockchain analytics firm Glassnode, shared on June 7th. There are a few reasons for the high transaction fees: 1) the demand to send ETH between exchanges has increased as volatility has hit cryptocurrencies, 2) Ethereum-based Ponzi schemes are gaining popularity again, and 3) stablecoins have continued to see mass adoption by crypto traders. Analysts say that this trend of rapidly increasing transaction fees has a number of implications for Ethereum, of both the positive and negative varieties. It’s a Bullish Trend for Ethereum, Analysts Say Analysts say that the increasing usage of the Ethereum network is a positive catalyst for the price of ETH. The founder of Mythos Capital, Ryan Sean Adams, recently noted that his analysis has found that the price of ETH has been closely correlated with the transaction fees Ethereum users pay over the past four years. If the historical relationship holds, ETH is poised to rally dozens of percent, a chart from Adams shows. ETH Price Vs Ethereum Blockspace Fees Scaling Solutions Are Coming While ostensibly bullish for Ethereum prices and the narrative surrounding the blockchain, high fees do have clear drawbacks. According to Bitcoinist’s research, if one wants to interact with certain decentralized finance contracts such as MakerDAO and Uniswap, transactions can cost upwards of $1.00. With some operations, fees can quickly rack up to a handful of dollars, especially if you want the transaction processed quickly. This means that if you are a user attempting to trade or spend small amounts of ETH on DeFi contracts, you will spend a relatively large chunk of your holdings on fees alone. Hence, there’s been a push for scaling solutions. As reported by Bitcoinist previously, decentralized exchange 1inch.exchange suggested that Ethereum miners should increase the block limit to accommodate more transactions every 14-second block. Currently, there is a gas limit of 10 million, though this could be increased by dozens of percent to accommodate more transactions. There are also second-layer scaling solutions coming into the fray, which are attempting to enable extremely cheap, near-instant, and secure payments like how the Lightning Network works with Bitcoin. Featured Image from Shutterstock Price tags: ethusd, btcusd Yesterday, Ethereum Miners Received 60% More Fees Than Bitcoin Miners

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Miners' Reward Token (MRT) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0062782 (-100%)

miners fees ethereum transaction yesterday bitcoin reached

miners fees → Результатов: 86


Фото:

Bitcoin Cash Proposed Miner Tax Could be a Suicidal Move

It has been suggested by BTC.Top CEO Jiang Zhuoer and a cartel of other miners, that a 12.5 percent tax be imposed on Bitcoin Cash (BCH) block rewards for development fees on the protocol. This comes with a threat of orphaned blocks for those who don’t adhere to the payment and an overarching feeling of […] The post Bitcoin Cash Proposed Miner Tax Could be a Suicidal Move appeared first on BeInCrypto.

2020-1-24 16:10


Gominer ICO

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.

2019-7-28 17:33


Bitcoin Blocks Are Close To Becoming Full Once Again Per Latest Industry Research Report

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 […]

2019-5-7 21:47