Cryptocurrency miners typically generate their revenues through block subsidy rewards and transaction fees. The increase in the transaction fees piece of the pie was likely fueled in part by several Ethereum-based Ponzi and marketing schemes that have become some of the network’s biggest spenders lately. The mania around “yield farming” in the Ethereum community is also a likely contributor.
Bitcoin transaction fees as a share of miner revenue, in comparison, the fee share saw a decline from 10% in May to a little over 4% in June, likely a result of average fees per transaction decreasing over the same period.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Ethereum miners set a record for revenue from transaction fees in June written by The Block @ https://www.theblockcrypto.com/linked/70797/ethereum-miners-set-a-record-for-revenue-from-transaction-fees-in-june?utm_source=rss&utm_medium=rss July 8, 2020 The Block