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Ethereum Mining Revenue Shortly Jumped by 46%

By Abhimanyu Krishnan | News | 16 Jun 2020


Data published by analytics company glassnode on June 15 shows that Ethereum mining revenue has jumped by 46% over the past 24 hours. 

This increase is considered to be temporary, a consequence of a $2.7 million transaction fee involving 350 Ether (roughly $87,000 at the time of publishing) that occurred on June 11. The Ethermine mining pool, which processed the transaction, tried to get in touch with the sender but could not do so. They decided to split the fee among the miners. 

The same sender made another small transaction of $134, for which he or she paid $2.6 million in fees. Sparkpool, which attempted to find a solution, was left in the same position as Ethermine. 

Ethereum’s transaction fees have been relatively stable since the start of 2020, with the exception of the large spike that occurred on June 11. Multiple projects are working on solutions to bring the transaction fees on Ethereum down. Of particular note is Loopring (LRC), which introduced the Loopring Pay solution on June 6. The solution makes all transactions for ERC-20 tokens nearly instant at a negligible price.

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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