According to the latest reports, the earnings from Ethereum mining have exceeded 95k ETH in one day. Also, handling fees were responsible for 85.9% of the total income generated.
Ethereum Mining Becomes Very Profitable Despite High Gas Fees
With the recent rise in DeFi (Decentralized Finance) activity, ETH miners’ income has reached 95,000 ETH in one day, setting a new record. During the past few days, the revenue of ETH miners has increased significantly. According to the data released, miners earned a total of 95,182 Ethereum in manual revenue this month. The handling fees provided for 85.9% of the total revenue.
This is a new record for the cryptocurrency Ethereum. Additionally, the latest selling of Otherdeeds for use in the Otherside metaverse by Yuga Labs led to a significant windfall for cryptocurrency miners. In addition, the high volume of traffic on the Ethereum server has resulted in some astronomical gas prices.
However, there have been a number of such “good days” for ETH miners this year. In a single mining block, a miner received a whooping 170 ETH, which was worth over $540,000.
For quite some time, the money generated by mining ETH has consistently outperformed that of BTC mining. Unquestionably, the increase in activity around non-fungible tokens (NFTs), DeFi, and play-to-earn games has led to this, and no indication points that this will slow down.
Although all this success has resulted in miners earning more money, average investors have been burdened by expensive gas prices and delayed time for confirmation. Meanwhile, there is a ray of optimism in the distance for investors when the ETH merge occurs.
The Ethereum Update Will Bring About Significant Changes
The next Ethereum 2.0 update will address a number of the difficulties that the blockchain is now experiencing. Gas prices are projected to decrease drastically, and scaling options such as the Optimistic Ethereum and Polygon Network will relieve strain on the server.
The many decentralized applications (dApps) on the ETH network will become more feasible after an upgrade is done to a scalable network. A significant amount of profit will accrue to DeFi, which is constantly a hive of activity, and consumers can get access to services without incurring several dollars for gas fees.
ETH 2.0 is expected to be released in about a year. However, some of the features have been implemented. The merge integration, which will occur later this year, will see Ethereum move from the proof-of-work algorithm, which consumes more energy, to the proof-of-stake mechanism.