{"id":565623,"date":"2021-02-05T20:43:40","date_gmt":"2021-02-05T17:43:40","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=565623"},"modified":"2021-02-05T20:43:40","modified_gmt":"2021-02-05T17:43:40","slug":"ethereum-eth-miners-earned-3-5m-in-a-single-hour-a-new-ath","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/ethereum-eth-miners-earned-3-5m-in-a-single-hour-a-new-ath\/","title":{"rendered":"Ethereum (ETH) Miners Earned $3.5M in a Single Hour, A New ATH"},"content":{"rendered":"<p><strong>In brief:<\/strong><\/p>\n<ul>\n<li><strong>Ethereum miners have earned $3.5 Million in ETH in a single hour<\/strong><\/li>\n<li><strong>This amount is the highest in Ethereum&#8217;s history<\/strong><\/li>\n<li><strong>The Ethereum network is also experiencing high gas fees with an average transaction costing $12<\/strong><\/li>\n<li><strong>High gas fees on Ethereum could cause an exodus by developers and users to other blockchain networks\u00a0<\/strong><\/li>\n<\/ul>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/ethereum-eth-miners-are-earning-800k-per-hr-up-from-500k\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Ethereum miners<\/a> have just earned a whopping $3.5 million in ETH in a single hour. This is according to on-chain data provided by the team at Glassnode via <a href=\"https:\/\/twitter.com\/glassnode\/status\/1357717472774864898\" target=\"_blank\" rel=\"nofollow noopener\" data-schema-attribute=\"\">the following statement<\/a> and accompanying chart.<\/p>\n<blockquote><p><span class=\"r-18u37iz\">Ethereum<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> miners earned $3.5M (!) in a single hour \u2013 the highest hourly revenue to date.<\/span><\/p><\/blockquote>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/ETH-Gas-Feb-5th.jpg\"><img class=\"aligncenter size-large wp-image-565624\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/ETH-Gas-Feb-5th-1024x512.jpg\" alt=\"\" width=\"1024\" height=\"512\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/ETH-Gas-Feb-5th-1024x512.jpg 1024w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/ETH-Gas-Feb-5th-300x150.jpg 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/ETH-Gas-Feb-5th-770x385.jpg 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/ETH-Gas-Feb-5th-1536x768.jpg 1536w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/ETH-Gas-Feb-5th-500x250.jpg 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/ETH-Gas-Feb-5th-532x266.jpg 532w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/ETH-Gas-Feb-5th-1117x558.jpg 1117w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/ETH-Gas-Feb-5th-1447x723.jpg 1447w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/ETH-Gas-Feb-5th-240x120.jpg 240w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/ETH-Gas-Feb-5th-717x359.jpg 717w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/ETH-Gas-Feb-5th-1347x674.jpg 1347w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/ETH-Gas-Feb-5th.jpg 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" title=\"\"><\/a><\/p>\n<h2>Average Ethereum Transaction Fee of $12<\/h2>\n<p>The high revenue by Ethereum miners is attributed to the ETH network being a beehive of activity <a href=\"https:\/\/en.ethereumworldnews.com\/defi-sets-a-new-all-time-high-of-34-2b-in-total-value-locked\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">due to DeFi<\/a> and trading on the multiple Decentralized exchanges such as <a href=\"https:\/\/en.ethereumworldnews.com\/uniswap-edges-out-tether-usdt-in-eth-gas-consumption\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Uniswap<\/a>. At the time of writing, the average transaction fee for an <a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/latest-ethereum-eth-news\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Ethereum<\/a> transaction is $12. This is according to data from <a href=\"https:\/\/etherscan.io\/gastracker\" target=\"_blank\" rel=\"nofollow noopener\" data-schema-attribute=\"\">Etherscan<\/a> that can be viewed in the following screenshot.<\/p>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/ETH-Gas-Fee-Etherscan-Feb-5th.jpg\"><img class=\"aligncenter size-full wp-image-565625\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/ETH-Gas-Fee-Etherscan-Feb-5th.jpg\" alt=\"\" width=\"548\" height=\"493\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/ETH-Gas-Fee-Etherscan-Feb-5th.jpg 548w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/ETH-Gas-Fee-Etherscan-Feb-5th-300x270.jpg 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/ETH-Gas-Fee-Etherscan-Feb-5th-500x450.jpg 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/ETH-Gas-Fee-Etherscan-Feb-5th-240x216.jpg 240w\" sizes=\"(max-width: 548px) 100vw, 548px\" title=\"\"><\/a><\/p>\n<h2>Ethereum Gas Fees &#8216;Are Getting Critical&#8217; &#8211; Weiss<\/h2>\n<p>Earlier today, the team at Weiss Ratings had <a href=\"https:\/\/twitter.com\/WeissCrypto\/status\/1357418307687694342\" target=\"_blank\" rel=\"nofollow noopener\" data-schema-attribute=\"\">expressed their concern<\/a> regarding the high ETH fees that have been a constant pain-point since DeFi took the crypto-world by storm in mid-2020. According to Weiss, layer 2 solutions need to be implemented fast or the golden goose of DeFi will die soon. They explained:<\/p>\n<blockquote><p><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">The <\/span><span class=\"r-18u37iz\">ETH<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> fee situation is getting critical. If you&#8217;re building on ETH right now, Layer 2 should be your top priority! If the current ETH price doubles without any significant upgrades, it could kill ETH <\/span><span class=\"r-18u37iz\">DeFi<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> golden goose as most people wouldn\u2019t be able to afford the fees.<\/span><\/p>\n<p>Layer 2 solves that problem by bundling multiple transactions together, splitting the fee bill among users.<\/p><\/blockquote>\n<h2>High ETH Fees Could Result in a Migration to Other Blockchains<\/h2>\n<p>The team at Weiss went on to warn that Ethereum risks losing users and developers to other blockchain networks if scaling solutions are not implemented.<\/p>\n<blockquote><p><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">If it is not introduced to solve ETH fee problems in the next 6 months or so, many of ETH&#8217;s main competitors &#8211; <\/span><span class=\"r-18u37iz\">#Cardano<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">, <\/span><span class=\"r-18u37iz\">#BNB<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">, <\/span><span class=\"r-18u37iz\">#Polkadot<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">, <\/span><span class=\"r-18u37iz\">#Cosmos<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">, and others- will begin launching their own DeFi dApps, eating away a large chunk of ETH&#8217;s market share.<\/span><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>In brief: Ethereum miners have earned $3.5 Million in ETH in a single hour This amount is the highest in Ethereum&#8217;s history The Ethereum network is also experiencing high gas fees with an average transaction costing $12 High gas fees on Ethereum could cause an exodus by developers and users to other blockchain networks\u00a0 Ethereum miners have just earned a whopping $3.5 million in ETH in a single hour. This is according to on-chain data provided by the team at [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":562126,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[823],"tags":[108223,1322,108219,108233],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/565623"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=565623"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/565623\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/562126"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=565623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=565623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=565623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}