Wednesday, May 29, 2024

Ethereum miners earned a record amount per day amid market collapse

This was due to the fact that transaction fees on the network rose above $ 1.3 thousand.

Against the background of the collapse of the cryptocurrency market, Ethereum miners earned 44.2 thousand digital coins on May 19 ($ 114 million at the current exchange rate), Cryptobriefing reports . According to the publication, this is the largest daily earnings of miners of all time. On this day, commissions for transactions in the Ethereum network rose above $ 1.3 thousand. Miners receive part of the commissions as a reward.

On May 19, the cost of bitcoin dropped to $ 30 thousand for the first time since January 2021, and Ethereum fell to $ 1.8 thousand. On May 21, the main cryptocurrency is traded at $ 40.5 thousand, and the price of the largest altcoin in terms of capitalization is $ 2.6 thousand.

In July, altcoin developers plan to release the London update, which will completely change the mechanism for calculating fees. Part of the commissions that miners are currently receiving as a reward will be burned.

Tokens are burned to reduce their circulation. This method is used to combat inflation and to increase the value of cryptocurrencies. All coin burning operations are recorded on the blockchain as a transaction, so anyone can verify that the coins have been destroyed.

In mid-May, Ethereum again surpassed Bitcoin in mining profitability. Previously, this happened in late April and early February this year.

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