Home Coins Ethereum (ETH) Bitcoin fees spike 198% but Ethereum still more profitable

Bitcoin fees spike 198% but Ethereum still more profitable

- Advertisement -

Bitcoin (BTC) transaction fees have nearly tripled in three days, from $3.52 to $10.20 on average.

According to crypto market data aggregator Glassnode, 22.25% of Bitcoin miners’ income is currently made up of fees, with the other 77.75% coming from block rewards. The share of fee revenues is currently the highest it has been since the plateau of the last all-time high in January 2018 — which followed fee revenues spiking to almost a 45% share during the previous month.

The latest spike follows a jump in average daily Bitcoin fees in recent days, launching into double-figures in dollar terms for the only time except for the period between November 2017 and January 2018.

Despite the share of mining revenue represented by fees tripling in the past month for Bitcoin miners, Ethereum (ETH) miners are still raking in more fees. Ethereum fees recently outpaced those generated by Bitcoin for the longest streak ever, owing to stablecoin use and the exploding decentralized finance (DeFi) sector built on the Ethereum network.

Ethereum and Bitcoin 24-hour fees: Messari

After first overtaking Bitcoin on June 6, Ethereum’s fee revenue exceeded Bitcoin’s until Oct. 22, with two momentary exceptions at the end of July and the start of August.

While Bitcoin momentarily reclaimed its fee dominance last week, Ethereum’s fees have again been higher since Oct. 25. As of this writing, Ethereum fees totaled $1.74 million over the past 24 hours, compared to Bitcoin’s $1.54 million, according to Messari.

Vitalik Buterin’s Ethereum Improvement Proposal (EIP)-1559 has seen increased discussion recently as a potential way to reduce fees. Despite surveys indicating community support for the proposal, miners appear vehemently opposed due to the expected impact the upgrade may have on their revenues.



Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
472FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,558FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.21
GBP
1.34
CHF
1.12
NOK
0.11
JPY
0.01
CAD
0.78
AUD
0.74

Most Popular

Ripple has sold $15M of its stock in MoneyGram

Ripple Labs has sold a huge chunk of its 2019 investment in MoneyGram. Per a Friday night filing with the Securities and Exchange Commission...

Coinbase becomes a founding member of Square’s crypto patent group

The Cryptocurrency Open Patent Alliance, or COPA, headed up by finance company Square, recently picked up Coinbase as a cornerstone participant. Square unveiled...
bitcoin
Bitcoin (BTC) $ 18,973.78
ethereum
Ethereum (ETH) $ 586.12
ripple
XRP (XRP) $ 0.585803
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 283.69
bitcoin-cash-sv
Bitcoin SV (BSV) $ 182.66
litecoin
Litecoin (LTC) $ 81.98
eos
EOS (EOS) $ 2.92
binancecoin
Binance Coin (BNB) $ 29.31
okb
OKB (OKB) $ 5.10
tezos
Tezos (XTZ) $ 2.28
leo-token
LEO Token (LEO) $ 1.36
cardano
Cardano (ADA) $ 0.154948
monero
Monero (XMR) $ 128.39
stellar
Stellar (XLM) $ 0.170147
chainlink
Chainlink (LINK) $ 13.10
huobi-token
Huobi Token (HT) $ 3.90
tron
TRON (TRX) $ 0.030118
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 100.04
neo
NEO (NEO) $ 17.82
iota
IOTA (MIOTA) $ 0.335143
nem
NEM (XEM) $ 0.265265
zcash
Zcash (ZEC) $ 70.85
maker
Maker (MKR) $ 527.23
paxos-standard
Paxos Standard (PAX) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 6.09
vechain
VeChain (VET) $ 0.016609
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 4.41
kucoin-shares
KuCoin Shares (KCS) $ 0.818185
waves
Waves (WAVES) $ 7.65