Someone’s Misfortune is Another’s Happiness – While we, ordinary users, break the bank in transaction costs, miners are rubbing their hands. A critical situation for Ethereum, which will make more than one stutter.
$ 1 billion, just that
We have been following the rise in fees on Ethereum for several months now. At the same time, the income of miners has also experienced an unprecedented increase .
According to data reported by our colleagues at The Block, the income of miners in the Ethereum network exceeded $ 1 billion for the month of February 2021 .
For the first time in their history, the income of minors is mainly made up of network costs . Indeed, out of $ 1 billion, $ 581 million comes from fees, compared to just $ 522 million from block rewards.
New record on fees
Unfortunately for users, this record for miners‘ income is not always good news.
Eh yes ! The Ethereum network fees once again broke a sad record, reaching over $ 50 for a single transaction. Worse still, it will sometimes cost more than $ 200 to interact with a protocol, such as Uniswap.
For its part, EIP 1559, which aims to change how fees work on Ethereum, could be deployed by July . While it does not entirely solve the problem of charges, this EIP will help make them more predictable, providing a better experience of using the network.