Ethereum miners’ income in October …

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

Ethereum miners' income in October ...

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.

Ethereum miners' income in October ...

Similar articles

  • Bitcoin miners’ income in August…

    Revenues of Bitcoin miners in August rose by a quarter to $ 368 million Revenues of Bitcoin miners in August reached $ 368.3 million, according to The…

  • Ethereum hashrate exceeded for the first time…

    Ethereum hashrate exceeded 250 TH / s for the first time amid miners chasing high fees The hashrate of the second largest cryptocurrency Ethereum reached today…

  • Ethereum, Tezos and Stellar will support…

    Ethereum, Tezos and Stellar Support Hackathon to Improve Cryptocurrency Utility Representatives of Five Blockchain Projects – Ethereum, Tezos,…

  • FTX CEO: Even Ethereum 2.0 will…

    FTX CEO: Even Ethereum 2.0 Will Not Be Enough to Unleash DeFi’s Potential Founder of the FTX cryptocurrency exchange Sam Bankman-Fried believes that Ethereum is not…

  • Attacker of Ethereum Classic…

    The attacker who attacked Ethereum Classic returned $ 100,000 to the Gate.io exchange The organizer of the 51% attack on the Ethereum Classic network returned $ 100,000 in cryptocurrency…