- Ethereum miners are earning an average of $800,000 per hour
- This value is up from yesterday’s peak of $500,000
- High Ethereum network activity due to DeFi has led to a steady increment in ETH gas cost
In the last 24 hours, Ethereum miners have earned an average of $800,000 per hour. This value is up $300k from yesterday’s estimate of $500,000 per hour in ETH mining revenue. Both instances of Ethereum miners reaping big were captured by the team at Glassnode via the following tweets.
Average #Ethereum miner revenue from fees has surged to $800,000 per hour (!) in the past 24 hours.
Chart: https://t.co/BwMlpYKcb1 https://t.co/jnFCJ7Ti2w pic.twitter.com/uLxRgR7vVp
— glassnode (@glassnode) September 2, 2020
A Peak of $900k Per Hour
From the first tweet by Glassnode identifying an average of $800k in revenue for miners, it can be observed that on two occasions, Ethereum miners earned as much as $900,000 per hour.
Uniswap and Tether Lead the Rest in ETH Gas Consumption
Further analysis reveals that Uniswap and Tether are still the top two ETH gas guzzlers. According to Etherscan and in the last 3 hours, Uniswap transactions have netted miners a whopping $550,000. In the same time period, Tether transactions have netted Ethereum miners a total of $260,000.
The relatively new SushiSwap comes a distant fifth with a total of $42,000 in mining fees paid out to miners to confirm transactions from the platform. Below is a screenshot of the top 5 DApps in terms of ETH gas consumption.
Ethereum’s Value Continues to Benefit From DeFi
The continual interest in DeFi on the Ethereum network has had a positive impact on the price of ETH. Earlier today, the price of Ethereum looked set to break the $500 psychological level as its value printed a local peak of $489.
However, the crypto markets suffered a rather major crash led by Bitcoin which fell from $12,000 to $11,100 in less than 24 hours. During the dip, Ethereum fell to as low as $420. This area has now become a short term support area for Ethereum as the crypto markets try to recover from the crash earlier today.
Ethereum is currently trading at the $440 support zone with the daily chart still exhibiting some bullishness that could see ETH attempt to break $500 in the near future. However, as with all altcoins, Ethereum’s fate is tied to that of Bitcoin.
As with all analyses of Ethereum, traders and investors are advised to use adequate stop losses and low leverage when trading ETH on the various derivatives platforms.