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With the increase in Ethereum blockchain activity and amid the growth of ETH price, Ethereum miners were reported to have earned $500,000 in transaction fees in one hour – the biggest amount recorded ever.
Ethereum miners have lately been cashing out at a higher rate through the consumers’ transaction fee collection meant to maintain the system. According to Glassnode, an on-chain market analyst, Ethereum miners saw a record profit of over $500,000 in transaction fees in one hour.
He further noted that it is a new record high for a single hour. This has come with an increase in the activity on the Ethereum blockchain network.
High Ethereum Gas Fee Charged by Miners
Ethereum transaction fee has skyrocketed in recent months as the blockchain continues experiencing heightened activity.
Consequently, all these factors are fueling the Ethereum market price as its volume increases by the day. However, the community is worried about the delay on the Eth 2.0 launch might see the gas fee even shot much higher.
This is because Eth 2.0 is anticipated to solve most of the Ethereum existence challenges to avoid losing in the bigger picture of global crypto adoption. With other blockchain projects like XRP, which is closely following it in terms of market capitalization, offering a cheaper transaction fee. Retail investors might end up ditching ETH for money transfer and possibly remain for value addition among other things.
At the time of reporting, several crypto exchanges and crypto wallets have set a minimum transaction of digital assets running on the Ethereum network to around $10. This is to accommodate the rising rate of transaction fees.
On the Contrary
Despite the high transaction fees experienced but the consumers, it seems to not bother Ethereum founder Vitalik Buterin, who said through a tweet, “To those replying with “gas fees are too high”, my answer to that is “well then more people should be accepting payments directly through zksync/loopring/OMG”. Seriously, scaling to 2500+ TPS for simple-payments applications is here, we just need to… use it.”
With a market capitalization of around $52.8 billion at the time of reporting, the asset and the underlying blockchain technology is highly invested in DApps and smart contract projects that are perhaps the main agenda to focus on the growing transaction fee.
Recently, Vitalik Buterin noted that implementing Eth 2.0 is more challenging than he first thought about it. He admitted it after the Ethereum “Medalla” testnet was identified to have a bug.
Despite the bug being fixed mid-August, the transaction fee in the Ethereum network is set to reach a new record.
This is mostly because Ethereum market price, which has broken beyond critical resistance levels and officially indicating a bull run, has been accompanied by heightened network activity that calls for high transactions fee from the miners.
As a result, Ethereum miners will continue reaping huge from the ongoing crypto adoption if Ethereum remains among the top cryptocurrencies.