Crazy Ethereum! Miners collect $500,000 in mining fees in one hour

Ethereum miners are quietly making a fortune. This is triggered by the record-breaking DeFi transaction volume on the Ethereum network.

Data from crypto data analysis company Glassnode shows that as Ethereum (ETH) transactions surged, miners on the Ethereum network earned a staggering $500,000 in fees in just one hour on September 1. This is a new high for miners' hourly income (excluding abnormal transaction fees earlier this year)

Currently, Ether is trading around $480, up more than 8%.

This macro trend is certainly positive for Ethereum miners, as miner revenue has increased significantly through fees and more transactions. In fact, Ethereum’s total network hash rate has continued to grow, reaching its highest level in nearly two years.

Crypto analytics firm Santiment Research Company also provided insights into how ETH fees in USD have once again broken all-time highs. Network fees have reached $5.68, shattering the previous all-time high of $3.46. $ETH fees (in $USD) have once again broken all-time highs, with $USDT, $WETH, $LINK, $USDC, $YFV #Uniswap, #Curvefi and $YFFI also on our leaderboard for tracking fee distribution.

However, the Ethereum network has been plagued by issues with high transaction fees and congestion since the rise of DeFi tokens. Recently, the network increased the maximum GAS limit per block from 10,000,000 to 12,500,000, but it’s not the only network where fees have been rising.

Is Ethereum Mining Worth It?

For most crypto assets, mining difficulty and the costs associated with it are only rising.

However, as ETH mining becomes more difficult based on the participation of more miners, the cost of mining is expected to rise as more computing power, software, and electricity are required.

However, Nairametrics believes that the value of Ethereum has increased exponentially in recent months and will likely continue to grow, making Ethereum mining potentially profitable in the long term.

Like many other crypto assets, speculating with Ethereum can be very profitable and has a proven history of generating strong returns for investors. However, there are many other options for earning income from Ethereum.

These options include Ethereum mining and Ethereum staking income.