Ethereum miners’ revenues fell to $ 214 million in October amid a sharp decline in fees
Miners of the Ethereum cryptocurrency in October earned $ 214 million, which is $ 107 million less than in the previous month, according to The Block.
The decrease in miners’ income is primarily due to the fall in transaction processing fees – from $ 171 million in September to $ 57 million in October, or by 66.8%. Compared to September, the share of commissions in the income of Ethereum miners decreased from 53.4% to 26.5%.
Ethereum miners’ revenues Image: The Block, Coin Metrics
Share of commissions in Ethereum miners’ income Image: The Block, Coin Metrics
The drop in fees was driven by a drop in user activity associated with the decentralized finance (DeFi) space. As a result, the demand for network resources also fell.
Trading volumes of decentralized exchanges, most of which are based on Ethereum, decreased by 25% in October to $ 19.4 billion, thus breaking the trend of constant increase observed since April this year..
Thanks to the increased user activity in September, Ethereum miners managed to earn six times more on commissions than Bitcoin miners. It is noteworthy that even despite the last decrease in this indicator, they are again leading – commissions in the bitcoin network in October amounted to $ 41.2 million.
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