Ethereum Miners Collect Record Revenues in May

Ethereum miners have collected the record revenues in May with the collection figure reached $2.35 billion. This collection has exceeded the monthly revenue. If we look at total revenue, Ethereum miners even exceeded Bitcoin miners, which took in $1.45 billion. On a monthly basis, Bitcoin typically miners gets more total revenue than Ethereum miners, although it is not unusual to see the situation being overturned when it comes to profitability.

Ethereum miners gather a 2 ETH block reward nearly every 13 seconds when a new block is added to the blockchain. In addition to this, they also receive the transaction fees that users pay when making transactions. Miner revenue is estimated by adding transaction fees and block rewards. Ethereum miners gathered $1.03 billion in transaction fees, which was the first time this figure exceeded $1 billion.

Furthermore, the Ethereum blockchain administered $666 billion in adjusted on-chain volumes in the month of May. According to The Block researcher Lars Hoffman, this was the first month ever in which the Ethereum blockchain managed more on-chain volume than Bitcoin.

These accomplishments have indicated the success of Ethereum in comparison to other cryptocurrency sectors. Some analysts also predicted that because of the strong position of ETH there are chances that it will surpass other cryptocurrencies. ETH attained its all-time high of almost $4,400 after starting the month at just under $3,000 in May. In the second half of the month, however, ETH experienced a huge price correction alongside the rest of the cryptocurrency market.