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<p>In May, <strong>altcoin </strong>twice bypassed the main <strong>cryptocurrency </strong>in terms of mining profitability. This happened after the <strong>digital coin</strong> reached an all-time high of $ 4.3 thousand and a record increase in transaction fees on the network.</p>



<p><strong>Ethereum miners</strong> earned $ 2.35 billion in May, beating <strong>Bitcoin miners</strong>, <a href="https://decrypt.co/72472/ethereum-mining-revenue-topped-bitcoin-may-billion" target="_blank" rel="noreferrer noopener">Decrypt reports</a> . Last month, revenue from <strong>mining </strong>the main <strong>cryptocurrency</strong> amounted to $ 1.45 billion, down 15% compared to April 2021. In mid-May <a href="https://cointopsecret.com/2021/05/17/ethereum-surpasses-bitcoin-in-mining-profitability/"><strong>altcoin</strong> already bypassed <strong>Bitcoin</strong> on profitability of <strong>mining</strong></a>. This happened as a result of the record growth of <strong>Ethereum</strong>, which reached an all-time high of $ 4.3 thousand. As of June 2, the <strong>digital coin</strong> is trading at $ 2.7 thousand.</p>



<p>Also, <a href="https://cointopsecret.com/2021/05/22/ethereum-miners-earned-a-record-amount-per-day-amid-market-collapse/"><strong>Ethereum miners </strong>in May managed to earn a record</a> amount per day &#8211; $ 114 million .This happened on May 19, when <strong>crypto market</strong> quotes collapsed, and commissions for transactions in the <strong>Ethereum network</strong> rose above $ 1.3 thousand. <strong>Miners </strong>receive part of the commissions as a reward.</p>



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



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



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