Ethereum miners are making a killing from transaction fees. In August alone, the miners raked in a total of $113 million in profit, up more than 3,660% from the $3 million earned in April, according to the latest data from Glassnode.
This is the highest ether miners have earned from transaction fees ever. The previous all-time high of $64 million was reported in January 2018, said the crypto analytics firm.
Fees have risen so high that on September 1, ETH miners made a record profit of over $500,000 in just one hour. At the time of writing, it cost about $6.57, on average, to send a transaction over the Ethereum (ETH) blockchain. That compares with fees of just $0.09 in April.
Analysts blame the soaring transaction costs on the continuing hype within the decentralized finance (Defi) space, which has grown into a $9 billion industry within a matter of weeks.
According to Etherscan, defi protocols such as Uniswap, which is built on the Ethereum blockchain, is one of a few with the highest network utilization. Tether (USDT), Sushi…