HomeCoinsEthereum (ETH)Ethereum mining revenue holds up in August thanks to NFT craze

Ethereum mining revenue holds up in August thanks to NFT craze

- Advertisement -


advertisement

Ethereum mining revenue holds up in August thanks to NFT craze

Ethereum’s mining revenue held up in August after the network’s EIP-1559 upgrade thanks to the craze into non-fungible tokens (NFTs) and ETH’s price jump.

According to The Block’s Dashboard, the monthly Ethereum mining revenue figure for August is in the north of $1.65 billion, representing growth of more than 60% compared to that in July.

But the reality is more nuanced from an ETH-denominated perspective.

For starters, ETH’s price has been trending up over the past 30 days, hovering above $3,000 for most of the month, whereas the market was relatively bearish in July when ether’s price hovered around $2,000.

As of August 29, transaction fees that Ethereum miners have been able to collect as part of their revenues in the month was about 61,000 ETH – a sharp drop from over 91,000 ETH collected in July, according to data compiled by Etherscan.

The August number is where it is largely thanks to the growing level of on-chain activities on Ethereum amid the craze in NFTs, which generated significant volumes on NFT marketplaces.

The transaction fee drop in total ETH amount followed Ethereum’s EIP-1559 upgrade on August 5, which was activated to burn a portion of the network’s transaction fees that previously belonged to Ethereum miners.

The burnt amount crossed the 100,000 ETH level about 20 days after the network upgrade activation.

As of press time, more than 135,000 ETH in transaction fees have been burnt, worth over $420 million, which was more than the total transaction fees paid to Ethereum miners in July. 

Related Reading



Source link

- Advertisement -
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,579FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 44,659.00
ethereum
Ethereum (ETH) $ 3,135.76
tether
Tether (USDT) $ 0.99929
bitcoin-cash
Bitcoin Cash (BCH) $ 345.68
litecoin
Litecoin (LTC) $ 136.55
eos
EOS (EOS) $ 2.60
okb
OKB (OKB) $ 22.50
tezos
Tezos (XTZ) $ 4.23
leo-token
LEO Token (LEO) $ 6.10
cardano
Cardano (ADA) $ 1.17
monero
Monero (XMR) $ 182.69
stellar
Stellar (XLM) $ 0.232598
chainlink
Chainlink (LINK) $ 17.81
huobi-token
Huobi Token (HT) $ 9.99
tron
TRON (TRX) $ 0.069584
usd-coin
USD Coin (USDC) $ 0.995901
dash
Dash (DASH) $ 112.57
neo
NEO (NEO) $ 24.69
iota
IOTA (MIOTA) $ 0.964292
nem
NEM (XEM) $ 0.116264
zcash
Zcash (ZEC) $ 124.42
maker
Maker (MKR) $ 2,162.34
paxos-standard
Pax Dollar (USDP) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 35.14
vechain
VeChain (VET) $ 0.064975
true-usd
TrueUSD (TUSD) $ 0.999517
ftx-token
FTX Token (FTT) $ 45.96
kucoin-shares
KuCoin Token (KCS) $ 20.53
waves
Waves (WAVES) $ 11.29