Data: Despite Bitcoin transaction fees soaring 198%, Ethereum transaction fees are still higher

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

According to crypto market data aggregator Glassnode, 22.25% of Bitcoin miners’ revenue currently comes from transaction fees, with the remaining 77.75% coming from block rewards. This is the highest percentage of revenue from transaction fees since January 2018, when the percentage of revenue from transaction fees soared to nearly 45%.

In the past hour (24-hour MA), the proportion of Bitcoin miners’ revenue from transaction fees has risen to 22.25%.

This is the highest value observed since January 2018.

— glassnode (@glassnode) October 27, 2020

The latest bitcoin price surge comes after average daily bitcoin transaction fees surged in recent days, reaching double digits in dollar terms for the only time other than between November 2017 and January 2018.

Ethereum (ETH) miners are still earning more fees despite Bitcoin miners’ transaction fees tripling over the past month. Ethereum’s transaction fees recently surpassed those generated by Bitcoin for the longest stretch ever, driven by the use of stablecoins and the explosive growth of the decentralized finance (DeFi) sector on the Ethereum network.

Ethereum and Bitcoin 24-hour transaction fees: Messari

After first surpassing Bitcoin on June 6, Ethereum’s transaction fees exceeded Bitcoin’s until October 22, with two brief exceptions in late July and early August.

While Bitcoin’s transaction fees temporarily surpassed Ethereum’s last week, Ethereum’s transaction fees have been trending higher again since Oct. 25. Data from Messari shows that as of this writing, Ethereum’s transaction fees totaled $1.74 million in the past 24 hours, compared to Bitcoin’s $1.54 million.

Vitalik Buterin's Ethereum Improvement Proposal (EIP)-1559 has attracted increasing discussion recently as a potential way to reduce fees. Although surveys show that the community supports this proposal, miners are still strongly opposed because of the impact that the upgrade may have on revenue. (Cointelegraph Chinese)