Ethereum Transaction Fees to Miners Surpassed the cost of maintaining the Network Last Month
Ethereum transaction fees paid to miners surpassed the cost of maintaining the network last month.
According to a series of tweets by Ankit Chiplunkar, research lead at The Token Analyst, Ethereum transaction fees paid to miners exceeded the uncle reward in March 2020. Ethereum users paid 26,100 ETH ($4.4 million) in transaction fees to miners last month versus the uncle reward of 20,400 ETH ($3.4 million).
Chiplunkar explained the discrepancy between miner fees and the uncle reward, saying that users are paying more than the cost of maintaining ethereum’s network on a 15-second blocktime.
A look into $ETH miner rewards 👇
1/2) Fees paid to miners (ETH 26.1K) exceeded the uncle reward (ETH 20.4k) paid to miners in March 2020.
i.e. the fees paid by the users are now greater than the cost paid by the network to maintain a 15sec blocktime.
— Ankit Chiplunkar (@ankitchiplunkar) April 14, 2020