In May, altcoin twice bypassed the main cryptocurrency in terms of mining profitability. This happened after the digital coin reached an all-time high of $ 4.3 thousand and a record increase in transaction fees on the network.
Ethereum miners earned $ 2.35 billion in May, beating Bitcoin miners, Decrypt reports . Last month, revenue from mining the main cryptocurrency amounted to $ 1.45 billion, down 15% compared to April 2021. In mid-May altcoin already bypassed Bitcoin on profitability of mining. This happened as a result of the record growth of Ethereum, which reached an all-time high of $ 4.3 thousand. As of June 2, the digital coin is trading at $ 2.7 thousand.
Also, Ethereum miners in May managed to earn a record amount per day – $ 114 million .This happened on May 19, when crypto market quotes collapsed, and commissions for transactions in the Ethereum network rose above $ 1.3 thousand. Miners receive part of the commissions as a reward.
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.
