Ethereum miners earned more than 450 078 ETH in fees during September

On-chain data shows Ethereum miners saw a 39% surge in revenue as fees soared during the DeFi craze.

During the last two months, the Ethereum network has been ahead of the Bitcoin in terms of transaction fees paid to miners.

Glassnode team emphasized that this period was the longest in the history of Ethereum. Transaction fees for ETH began to grow rapidly in August 2020. Ethereum miners took home 450,089 ETH in fees ($168.7 million) and this represents a 39% increase over last month in which miners made roughly $113 million in fees.

This trend was the result of development of DeFi. The fees have soared due to the growing demand for transactions in the Ethereum network. As a result, the daily income of ETH miners increased significantly.

At the same time, the Ethereum blockchain overload was periodically observed. Now the average transaction fee for ETH is $2. In September this figure exceeded $14, there were periods when the fees reached $50. In the crypto community, discussions about the need to launch an updated version of the Ethereum (ETH 2.0) as soon as possible arose with renewed intensity. According to many experts, including the Ethereum Foundation team, the release of the updated network will increase its capacity and prevent overload in the future.

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