Ethereum miners generated all-time high fee revenue of $17 million yesterday

Ethereum • September 2, 2020, 4:44AM EDT
UPDATED: September 2, 2020, 6:53AM EDT
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Ethereum miners are gaining big as transaction costs or gas fees continue to rise amid decentralized finance (DeFi) boom.

According to The Block Research, Ethereum miners generated all-time high fee revenue of $17 million on September 1.  The figure is 3.7 times higher than the previous highest amount recorded during December 2017 and January 2018 when crypto prices went through the roof.

Bitcoin miners, on the other hand, generated $1.5 million in transaction fees yesterday — only 9% of Ethereum miners' fees. Bitcoin miners' all-time high during the December 2017 craze was $21.4 million.

The surge in Ethereum fees, and therefore miners' revenue, could result in an increase in prices of Ethereum miners in the secondary markets, according to Larry Cermak, director of The Block Research. If so, the trend could turn out to be bullish for mining chips manufacturers such as AMD and Nvidia, said Cermak.

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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