Ethereum mining revenues hit a new all-time high

After Ethereum (CRYPTO: ETH) hit an all-time high of $ 2,500 per coin earlier this month, it is trading at a new all-time high above $ 2,700, according to reports of the European Investment Bank’s intentions to establish a sale of “digital bonds” on Ethereum blockchain network.

Network data shows that Ethereum passed another milestone this month: the number of transactions exceeded 40 million for the first time in a month.

High transaction fees

Miners from Ethereum helped generate over $ 1.5 billion in revenue in April, surpassing the previous high of $ 1.38 billion reported in March. $ 702 million of the total was accounted for by transaction fees or the funds paid for transactions on the Ethereum network.

One of the major problems facing the Ethereum network and its users is Fuel prices. Transaction fees have steadily increased with the increase in demand, and the fact that miners are allowed to prioritize higher paid users over others.

The gas price for a transaction peaked in the third quarter of 2020 and lasted well into 2021, but that situation is changing. Gasoline costs rose soon after that Berlin hard fork but has since fallen back to a flat level in almost a year. The network could attract more users with this trend, users who have turned to other blockchains due to the high prices.

New summit

The price of ether, like many cryptocurrencies, has changed significantly since its introduction in 2015. It started out at $ 1 and stayed there for several months.

The price hit $ 1,358 in early 2018, the highest price ever. However, the price began to fall and Ether hit a low of $ 83 in the third quarter of 2018.

The price has fallen and has flowed since then, but has increased across the board. In early April 2020, the price was around $ 140. By April 29, it had risen to $ 2,746, according to Coindesk. The price rose nearly 2,000% in just over a year.

ETH 2.0 updates

With the ongoing upgrade of ETH 2.0, the switch to Proof-of-Stake (PoS) would let the miners phase out. In an attempt to save the Ethereum mining community, one group was identified as a Ethereum Genesys Foundation (EGF) successfully forked the chain to proceed with Proof-of-Work (PoW) dismantling. They called it “Maple Fork” and intend to make a forked token called Ethereum Genesys (ETG). It is still uncertain whether the group will thrive.

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