Miners on the Ethereum network had a bumper September as their total earnings from transaction fees increased 47% over the previous month’s.
According to Glassnode, Ethereum miners earned a total of $166 million over the month- the highest ever monthly earnings from fees in the network’s history.
This is what the on-chain market analysis provider shared via Twitter:
“Ethereum miners made a total of $166 million from transaction fees in September – a new ATH. Which is an increase of 47% compared to the previous record high in August.”
While miners on the second-largest cryptocurrency network by market capitalization earned nearly 50% more from fees, those on the largest (Bitcoin) managed just $26M from fees.
As can be seen in the chart below shared by Glassnode, miners on Ethereum recorded a six-fold edge in revenue from fees over those on the Bitcoin network.
Ethereum and Bitcoin miner fees comparison chart. Source: Glassnode
The crazy growth within the decentralized finance (DeFi) ecosystem was highlighted by an increase in trading activity (and network congestion) that pushed transaction fees on Ethereum to new all-time highs in September.
In August, Ethereum miners earned over $113 million from fees, up from $32 million in July. Overall, a boom in DeFi saw miners surpass their previous high of $63 million in revenue from fees set in January 2018 as Ethereum price pumped to it’s all-time highs around $1,432.
Miner earnings from fees on Ethereum rose sharply in July and August. Source: Glassnode.
Trading volumes on decentralized exchanges (DEXs) continue to spike and have contributed greatly to the miners’ total earnings. For example, leading DEX platform Uniswap saw over $14 billion in trading volume last month, with over $2.25 billion traded in the past 7 days.
According to DEX metrics tracked by Dune Analytics, the sector has seen 100% growth in trading volume, with $24.1 billion traded over the past 30 days.
It’s clear that a continuation of the trend that has seen a spike in trades and transactions could see miners earn even more from rising transaction fees.
In the market, Ethereum is trading around $368 as of writing, up 3.40% in the past 24 hours.