Ethereum miners are making a lot of money from fees thanks to the high activity in the decentralized finance sector (DeFi).
The Block has reported Ethereum miners' revenue from fees reached a record $17M on Tuesday, a figure 3.7 times higher than those reached in December 2017 and January 2018, when Ethereum was trading above $1,000.
Regarding Bitcoin miners, they made $1.5M in fees yesterday. This figure hit its all-time high back in December 2017, when it jumped to $21.4M.
Larry Cermack, analyst at The Block's, says this jump in ETH fees could result in an increase in prices of Ethereum mining devices in the secondary market, which might have a positive impact on the stocks of chip makers like AMD and Nvidia.
The Ethereum co-founder Vitalik Butterin has said fees reflect the current level of demand for network resources.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.