Ethereum users paid over $166 million in fees, compared to $26 million in the Bitcoin network.
The Ethereum miners had a bumper month of September, with their total gains on transaction fees increasing 47% over the previous month.
According to Glassnode, the Ethereum miners earned a total of $166 million over the month – the largest monthly fee earnings in the network’s history.
This is what the market analysis provider Crypto Bull on the network shared via Twitter:
“Ethereum miners earned a total of $166 million in transaction fees in September – a new ATH. This is a 47% increase compared to the previous record in August”.
While the miners of the second-largest network of market capitalization cryptomorphs earned nearly 50% more in fees, those of the largest (Bitcoin) earned only $26 million in fees.
As can be seen in the chart below, shared by Glassnode, the miners in Ethereum recorded a six-fold advantage in fee income over those in the Bitcoin network.
Comparison chart of Ethereum and Bitcoin mining fees. Source: Glassnode
Crazy growth within the decentralized finance ecosystem (DeFi) was highlighted by an increase in commercial activity (and network congestion) that pushed Ethereum transaction fees to new highs in September.
In August, Ethereum mining companies earned more than $113 million in fees, up from $32 million in July. Overall, a boom in DeFi caused mining companies to surpass their previous record of $63 million in fee revenues set in January 2018 as the Ethereum price reached its historic highs of around $1,432.
The miners’ fee income from the Ethereum rose sharply in July and August. Source: Glassnode.
Trading volumes on decentralized exchanges (DEXs) continue to increase and have contributed greatly to total miners’ gains. For example, the leading DEX Uniswap platform saw more than $14 billion in turnover last month, with more than $2.25 billion traded in the last 7 days.
According to DEX metrics, monitored by Dune Analytics, the sector saw 100% growth in turnover, with $24.1 billion traded in the last 30 days.
Of course, the continuation of the trend that has seen a peak in trades and transactions can make the miners gain even more from the increase in transaction fees.
In the market, Ethereum is currently trading around $368, an increase of 3.40% over the last 24 hours.
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