Cryptocurrency news

The Block: Ethereum miners ' earnings hit two-year high

The Block: Ethereum miners ‘ earnings hit two-year high

Analyst of the Block publication Larry Cermak reports that in July, Ethereum miners earned $143.8 million. This is the highest figure for the last 23 months.

It is interesting that in recent months, the share of revenue for miners is growing significantly not from block mining, but from transaction fees. Of the total revenue of $143.8 million, revenue from transaction fees was 23%, or about $33 million. For comparison, in may, Commission revenue accounted for only 10% of the total revenue of miners.

The activity of bitcoin miners in July brought in $299 million, which is almost twice the rate of Ethereum miners. In July, bitcoin miners received 8% of revenue from commissions, and in June this figure was 4%. At the same time, the average transaction size in the network of the first cryptocurrency increased over the month
by 525%.

Cermak also said that in July, the volume of stablecoins continued to grow — the total market capitalization of stable cryptocurrencies was $13.2 billion. By comparison, it was $12 billion in June. There was also an increase in the volume of trading on cryptocurrency exchanges in July, immediately by 51%.

In mid-July, it was reported that from April to June, miners constantly reduced sales of mined BTC. They were waiting for an opportunity to sell bitcoins more expensive and, as we can see, the expectations of the miners were justified, because bitcoin broke through the resistance at $10,000 and reached $12,000.