Gas or transaction fees for the Ethereum blockchain have skyrocketed. As per the data aggregated by Glassnode, Ethereum miners have managed to earn more than $500,000 in just a span of a single hour. In fact, their per hour earning reached a whopping $800,000 at some point yesterday.
Diving onto Glassnode’s data even further, we can see that the amount of money Ethereum miners are bringing into the network topped this September 1st – managing to collect approximately $16.8 million. Notably, the recorded figure just a day before, August 31st, was just around $8.1 million. This means that the miners earned more than doubled the amount of money they managed to collect only a day prior.
These seemingly overflowing waves of money going into the network can be attributed to the ongoing surge of interest for Ether (ETH), its native coin, and DeFi, the sector it houses in. This is because as more and more people look into the prospect of availing Ethereum’s products or services, the higher its total collected transaction fees become. Just this August 8th, daily collected transaction fees for the network stood afloat the $2 million mark. In perspective, it was just around $140,000 this January.
Although the latest developments have indeed been pieces of good news for Ethereum miners, many are now becoming concerned, stating that the network may be biting off more than it can chew and that transaction fees are now going out of control. It is worth noting that underlying issues regarding overblown costs and congestion have always plagued Ethereum. That being said, the blockchain clarifies that it is now taking the necessary steps to remedy just that. These claims are evidenced by its latest moves, such as integrating the OMG network as reported by Coinmod last August 20th.