The increase in Bitcoin transaction fees has resulted in an increase in the percentage of miners’ income represented by fees over the two years.
Bitcoin (BTC) transaction fees nearly tripled in three days, from an average of $ 3.52 to $ 10.20.
Currently, according to Glassnode’s cryptocurrency market data aggregator, 22.25% of Bitcoin miners’ income comes from commissions. While the remaining 77.75% comes from bulk rewards. The share of commission income is currently the highest in the last plateau of all time in January 2018. Followed by commission income, which reached nearly 45% in the previous month.
The percentage of #Bitcoin miner revenue from fees increased to 22.25% in the past hour (24h MA).
It is the highest observed value since January 2018.
— glassnode (@glassnode) October 27, 2020
The most recent increase is due to the increase in Bitcoin’s daily average interest rates in recent days. Which have only doubled in US dollars except for the period from November 2017 to January 2018.
Despite the share of mining revenue in mining revenue, which tripled last month for Bitcoin miners, Ethereum (ETH) miners charge even more fees. Due to the use of fixed currencies and the growing decentralized finance (Defi) industry based on the Ethereum network. Ethereum’s fees have recently outstripped the previous fees generated by Bitcoin.
After Ethereum outclassed Bitcoin for the first time on June 6, Ethereum’s revenue surpassed BTC until October 22. With two temporary exceptions in late July and early August.
While Bitcoin temporarily regained its dominance at the end of last week. Ethereum’s fees were again higher than on October 25th. At the time of writing, Ethereum’s fee for the past 24 hours was $ 1.74 million, compared to $ 1.54 million for BTC.
Vitalik Buterin’s (EIP) -1559 proposal to improve Ethereum (EIP) has recently seen a rise in debate as a possible way to cut fees. Despite opinion polls showing community support for the proposal. Miners seem very rude about the expected impact of the update on their income.