Home News In August, the income of Ethereum miners increased by 60%

In August, the income of Ethereum miners increased by 60%

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In August, the income of Ethereum miners increased by 60%. The total income of Ethereum miners in August reached $1.65 billion and was 60% higher than in July.

The growth occurred despite the activation of the EIP-1559 proposal on August 5 during the London hardfork, which provides for the burning of part of the commissions.

At the time of writing, a total of 147,685 ETH worth about $504 million has been burned

This did not prevent miners from receiving $ 644.14 million in commissions for the month, compared to $ 201 million in July.

The boom in the market of non-fungible tokens (NFT) contributed to the growth. In August, the trading volume on the largest NFT market OpenSea exceeded $ 3 billion, exceeding the figure for the previous month by 800%.

In addition, the price of Ethereum in August increased significantly compared to July levels. Against the background of the hardfork, the quotes broke through the $ 2,800 mark, then rose to $ 3,100. In the middle of the month, the exchange rate reached $ 3,300.

The Ethereum hashrate in August exceeds the indicator achieved in May

The Ethereum hashrate in August updated the maximum at 646.7 TH/s, surpassing the indicator reached in May at 643.8 TH/s.

However, the revenue of miners for May in the amount of $2.39 billion remains a record.

Compass experts predicted that the income will decrease by 20-30%

Recall that Compass (bitcoin-first company on a mission to support the decentralized growth of hashrate and strengthen network security) experts predicted that after the hardfork, the income of Ethereum miners will decrease by 20-30%.

According to their estimates, the activation of EIP-1559 should have led to an increase in the share of revenue from block mining. In their opinion, the decrease in transaction fees compensates for the increase in prices for Ethereum.

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