First time in Ethereum's history, miners made more from fees than from block rewards
October 1, 2020, 8:50AM EDT
1 min read
Ethereum miners made more money from gas or transaction fees than from block rewards in September.
The event has occurred for the first time in Ethereum's history, according to The Block Research. Miners made about $172 million from fees last month and about $150 million from block rewards, taking their total revenue to more than $320 million.
Overall, Ethereum miners made 53.4% more in September than August when their total revenue was about $285 million. This is because gas fees peaked last month, driven by the continued growth in the decentralized finance (DeFi) space.
Ethereum transaction fees have subsided since then and the current average fee is about $3 per transaction, according to tracker BitInfoCharts.