Over the past few days, Ethereum miners have been earning more than their counterparts on the Bitcoin network. The Block draws attention to this.
So, the average daily indicator for the week in the networks of the two cryptocurrencies is $ 77 million and $ 67 million, respectively. A similar situation has arisen several times in recent months, for example, in early February and late April. Analysts point out that this is starting to happen more and more, although historically Bitcoin was in the lead in this regard.
One of the key reasons for the observed dynamics is the different behavior of the two cryptocurrencies in the market. Ether continues to hit highs over recent weeks, starting the year around $ 730 and subsequently rising to $ 4,300. Bitcoin bypassed ether in the first months of 2021, but its rally has slowed to around $ 60,000 since mid-March.
Another reason for the higher mining revenues on the Ethereum network is related to fees, which, after a short period of decline, rushed up again. Now about 40% of the income of ether miners comes from them. However, the situation may change in the near future, as the Ethereum EIP-1559 improvement proposal is expected to activate in July. It involves burning most of the fees paid by users, instead of completely transferring them to miners, as is happening now.
In April, Ethereum miners earned about $ 1.59 billion, which was the largest value ever since the existence of a cryptocurrency. The previous high was set at $ 1.38 billion in March. Of the April value, $ 702 million fell on commissions. In addition, in April, the number of transactions added to the Ethereum network in one month exceeded 40 million for the first time.
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