Bitcoin and Ethereum mining revenue moons with crypto prices
Bitcoin and Ethereum miners are now generating more cryptocurrency than at any other point in history.
- Bitcoin miners set a new weekly record when they bagged $354 million in revenue last week, according to CoinDesk.
- The previous weekly revenue record was $340 million in mid-December 2017.
- January saw Ethereum miners set a new monthly revenue record of $830 million — around 10% more than the last high set in early 2018.
Such high revenue reflects high cryptocurrency prices. Both BTC and ETH are firmly in uncharted territory, so miners powering those networks fetch more dollars for the rewards they generate.
But Ethereum is suffering from particularly expensive transaction fees, almost hitting $25 on average earlier this month, another all-time high.
CoinDesk noted Ethereum’s high fees translated to nearly 40% of the blockchain’s mining revenue in January.
[Read more: Crypto miners blamed for Nvidia GPU price hikes — again]
For scale, BTC transaction fees hit similar levels and contributed around 15% of Bitcoin mining revenue last week.
But, Bitcoin transaction fees are currently half of their all-time high set in 2017.