Ethereum continues to benefit form the Defi boom, median gas fees hit new all time highs today
It's a good day to be an Ether miner these days...
If you are unfamiliar with how the ethereum blockchain works, any transaction that you perform requires a fee (called gas). In laymen's terms, this is a fee paid to the miners in exchange for the processing power need to perform the transaction.
And in general, the higher the activity levels the higher the gas fees.
Well, they have never been higher than they are right now, today.
Check it out:
(Source:
)https://twitter.com/glassnode/status/1300772728258154501/photo/1
- glassnode
The current median gas fees hit 485 gwei within the past hour which is the highest median gas price ever.
It pays to be an Ethereum miner!
Miners are raking it in currently due to all the activity.
For the month of August, miners generated roughly $113 million in gas fees.
For some perspective, miners generated roughly $3 million in gas fees in April.
For those doing the math, that's over a 37x increase!
And a 1.8x increase from the previous all time highs seen in January of 2018:
(Source:
)https://twitter.com/glassnode/status/1300727273885241345
- glassnode
For some more context, bitcoin miners ONLY generated roughly $39 million during the month of August.
Which is roughly 1/3rd of what ethereum miners generated.
It certainly pays to be an ethereum miner currently!
The interesting thing is that with the fees this high and the network activity what it is, it's pulling more and more miners and mining resources into the network making it more robust.
All the while prices continue to march higher.
It's sort of acting like a snowball rolling up a hill.
Would be nice if HIVE started to participate in some of this craze due to wHIVE etc.
Stay informed my friends.
-Doc