One month to shine bright – While waiting for EIP 1559 , Ethereum miners continue to binge on transaction fees. The latter have indeed pocketed record revenues in January 2021 alone.
$ 830 million
With a monster record of $ 762 million in revenue as of December 2017, miners on the Ethereum network have since worked harder. This is how they managed to raise $ 830 million in January 2021.
However, even if the amount seems exceptional, there is a big difference in the distribution of the income in question. In fact, 40% of that comes from transaction fees and 60% from block rewards.
By comparison, transaction fees represented less than 10% of that revenue in December 2017.
Loot pocketed to the detriment of users?
Eh yes ! This increase, as beautiful as it is, is directly linked to the explosion of fees on Bitcoin Fast Profit.
Additionally, miners can thank DEXs which were the source of $ 60.9 billion in volume over the same period.
However, this situation may well change with the appearance of EIP 1559 , which aims to change the fee system. Following this update, the share of miners‘ income from fees may decrease .
A still hypothetical situation, as Marc Zeller recently explained to us :
“When EIP 1559 is deployed, miners will retain 99% of their current income. “
At the same time, the price of ETH is also constantly in full swing. Its price set a new record at 1,586 dollars on February 3, which is 100 dollars more than the previous ATH on January 25.